Wow bro! Thank you so very much for all of this!! Really appreciate it! Once I select 'reduce latency when recording' it makes a difference, especially when I am speaking into the mic! I also think I had a setting on somewhere that is playing my audio after it has gone through the effects and eq, which made things worse. There is still some latency, and I can't get it as low as you can, but for now it is good :)

Now, it is time to figure out how to get a good guitar tone using Ableton Live Lite free and preset plugins :)