The Delta does have true multichannel MME drivers - so Audition can record from all the inputs. You will not be able to listen to any track insert FX while recording - so any hopes of using a guitar amp simulator plugin like Amplitube are dashed - you would have to record with the clean sound and only hear the FX on playback - no fun at all really.
It should be possible to use a plug-in host though.
M-audio cards have been shipping with a functionaly limited version of a program called
RT-player Express which is nevertheless quite useable. This can act either as a VST softsynth or realtime FX host using you cards ASIO driver. .
Thing to do would be...
1, With Audition open, also open RTplayer and load your FX.
2, Select RT-player to use a 1010 ASIO output channel that Audition isn't using (maybe the s/pdif out?). Select its input as the ASIO driver for the 1010 channel your instrument is feeding.
3, Open the cards Delta control Panel (which should be available from an "M" icon in the r/h of Windows taskbar).
4, On the Mixer tab, turn up the RTplayer channel and the master - make sure they aren't muted.
5, In Audition, pick the Monitor mixer as the input device of a track .
6, In the Delta panel Patchbay, ensure monitor mixer is feeding the hardware output 1/2 and plug some monitors/amp into that.
7, The complication here is that you will also want to listen to existing tracks so your main studio monitors and Audition must use another 1010 output pair (say 3/4) for the main output mix bus. If you have a small mixer available, you could use stereo channels of that to feed a single set of speakers from the 1010.
I'll admit I haven't tried exactly this, but I have used the 'record back via Delta mixer' trick to capture the output of a save-disabled demo of a certain pitch correction program
I also admit it looks complicated, but if anyone does know a simpler approach, please chime in (using a Pod or other external hardware FX instead does not count !
The great thing about the M-audio Delta WDM audio drivers is that they are multiclient (note though that the midi port driver is not!). You can freely mix MME, ASIO and GSIF(GigaStudio) applications with a little care and run them alongside each other.