It can't be done with straight ASIO. It can be done with the standard Windows drivers or it can also be done by installing ASIO4All and routing all your interfaces through it. However, neither of those options will give you as low latency as going directly through ASIO.
I have intermittent blips/clipping occurring on playback of a recorded audio, though the meters are peaking around 70%, not sure why there is a clipping sound. Is there something perhaps not set correctly in the DAW?