There is a latency adjustment which delays playback to match your new input in later versions of CEP and in Adobe Audition: under Options/Device Settings/Wave In (or Out: I'm not at my recording computer and I set it months ago and forgot about it) there is a "latency" field you can enter a value into. The way you derive the value is to record something with a sharp attack (I used handclaps from a drum machine) onto Track One, then bounce it back through your sound card onto Track Two. You will see the difference in time in how the waveforms line up. The ruler along the bottom will allow you to figure the time in milliseconds, which you can then enter into the latency field.