Audacity has such option "software playthrough" but unfortunately Audacity is not applicable for my case. Other software misses that feature it seems, at least I can't find anything that turns the monitoring on/off:
Audition 3, 5.5 / WaveLab 6, 7
Is there a way to hear what is being recorded?
Windows 7. On-board sound card (no input). External ESI UGM96 (not full duplex it seems). I want to record via ASIO.