The trick for dealing with latency is called "leapfrogging" by some. Basically, you record your first track. Then, when you record your second track while listening to your first track, you simultaneously record a third track that is the playback of your first track fed into your input on your third track.
Then, for your fourth track, if you have more than 2 inputs, you can record your fourth track while listening to your second and third tracks (mute or delete the first track) and simultaneously recording your second and third tracks to fifth and sixth tracks. Keep going in this fashion until you run out of inputs.
Once you run out of inputs, you will basically have to mix down your past tracks to a single backing track while recording your new track. For example, if you have only two inputs, then when it is time to record your fourth track (which is for your third part) you will have to mix your second and third tracks onto a fifth track while listening to them and recording your fourth track.
Hope this makes sense. Latency sucks, but if you try some times, you just might find, you get what you need.