If you don't have ASIO, you can try ASIO4All

If your sound device doesn't come with its own ASIO driver (check the manufacturer's download page), you can try using the generic ASIO driver ASIO4All.

Install the latest ASIO4All from http://www.asio4all.com/

1. Run Mixcraft
2. Select "Preferences" from the "File" menu.
3. Select the "Sound Device" section.
4. Click on "ASIO"
5. Select "ASIO4ALL" from the "ASIO Device" drop down
6. Click "OK" You should notice amazingly low latency, especially when monitoring a recording.

To notice the effects of this low latency, try this:

1. Arm a track
2. Turn on monitoring
3. Talk into a microphone or play your guitar.

Notice that there isn't a delay between the time you talk into your mic and the time you hear the audio.