Cannot record getting error mess. after install

I’m not able to record in wavelab 7 elements. I just installed it into my computer. I am running windows 7 64 bit. I have a m-audio audophile 192 sound card. If I try just playing music through media player I get nothing. If I try with reason or ableton I get this error mess. “Cannot open Wave decive for recording. Are you sure your audio device supports the currently specified rate and/or bit resolution? Check also if the input audio device is in slave or auto-sync mode”

I hope this is an easy fix. Thanks.