You said that when you record the recording VU meter is fine, but when you play back the *recording* meter clips. Do you mean that when you play along with the track you've already recorded that the record meter clips? In other words, is the playback from the recorded tracks being "re-recorded?"
If that's the case, then you're probably routing your outputs back to the inputs in the delta control panel patchbay.
I also kind of think you might have meant to say "playback meter" that second time, in which case you might not understand the concept of "mixing", which is basically adjusting the volume of two or more tracks such that they sit well with eachother, without clipping. Each track has its own volume slider. This is all very basic stuff so if you're already well aware of this then I appologize.
Slackmaster 2000