I assume you don't have an external soundcard. What is your default? Download ASIO4ALL. You can change the buffer size (latency) with it.
In Cubase: Devices>Device Setup>VST Audio System, select ASIO4All from drop down menu. Then, click on ASIO4ALL (the sub folder under VST Audio System to left of Device Setup screen). This will take you to the ASIO4ALL Control Panel. Click on Control Panel and adjust your buffer size (latency) there. That should get ya going.