Horrible Latency & Distortion Issue

I just downloaded Audition CC (whatever the last update in October/November was)

Here are the computer/program specs:

Using a Tascam US1200

When I try to record there are two issues:

1. My voice is coming through as distorted, static nonsense. Very similar to what a scratching record sounds like but in split second fragments.

2. When my voice does come through, there's a terrible 1/2 second latency. It's timing is so bad that each word I say repeats in my monitor exactly after I say it. It's like the worst kind of parrot.

Any advice?

*****UPDATE*****

It seems like my computer doesn't play friendly with the podcast template but does alright with the standard 6 track multitrack set up. The latency is definitely better in this setting but is still considerably behind.