After taking a quick look at the M-Audio website, it seems that the USB audiophile doesn't have the monitor mixer software like the Delta series cards has, and the box itself doesn't have any kind of hardware input monitor function, so...
Because CEP uses the windows mixer to setup input monitoring, and the M-audio card isn't going through the windows mixer, I think you're screwed.
The options look like..
1) Get a small mixer like the Mackie 1202 VLZ, and route the output from the audiophile into one of the stereo channels, then use the mixer's mono channels for inputs, use the insert jack (1/2 click in) to get your recording signal into the audiophile, then you can setup a no latency monitor mix using the mixer, (add a little nanoverb into the mixer's aux send/return to monitor wet/record dry).
2) Change recording programs to one that supports the use of ASIO drivers, this will allow you to use the recording software to setup a monitor mix as you record, as long as you can get the latency low enough, plus you can still use CEP to mix with, as long as you record all of your tracks from "0" in the recording program's timeline, you will be able to import all of the wave files into CEP after the recording is done, and edit/mix 'em there.
3) Replace soundcard with one that offers it's own input monitoring function.
