Adobe Audition Latency

It shouldn't be several seconds. A significant fraction of a second, yes - and no, there's nothing you can do about it. It's not Audition, it's your computer, and caused by the significant amount of time it takes to digitise, process and convert back the audio being fed to it. If there is a delay returning your signal, then you might want to look at the buffer size you are using in Edit>Preferences>Audio Hardware. And latency is, of course, the reason that all external sound devices have a Monitor system built into them... it's the Laws of Physics you're up against, I'm afraid.