Not that easy, I think
That mic is a usb audio device all its own, which means that it can't echo back your voice though hardware, because it doesn't have any speakers.
That means (and this is the part where it gets a little processor-intensive) you would have to echo back the input in your multitracker, and route it to one of your sound card outputs. Seems like it would be easier to use a cheap mixer and a decent condenser ($150 bucks altogether on eBay), but we all have to work within our limits...sigh...
I use Sonar, and I know I can do such things in that app. I don't know much about audacity, but look for something like "input echo"
There may also be some open-source prog out there that serves as a virtual mixer. If you find it, let me know. I could use something like that for my band.
peace
-j
