Kinda new to the whole recording deal, so i have it setup up properly running on windows 7. when i play my guitar there is a 1 sec delay to my speakers making it impossible to record. other than that it works great. just had my RAM extended from 2 GIG to 4 GIG thinking that was the problem. Didnt fix it! i was told that i need to get a desktop but not sure as to why my laptop wont do it. HELP PLEASEEE!!! using the Alesis iO2 express module that came with it. 64 Bit system 160 GIG HDD and 4 Gig of RAM on a Emachines laptop. Thanks u guys! 
Firstly, you should check to see that you have the correct ASIO driver installed. I’m assuming that your speakers are connected to the Alesis.
Secondly, you can check to see if you have the ability for “Direct Monitoring” IIRC this is in the device setup dialog boxes.
Third, with Cubase running, open the VST Performance Meterand check to see what’s going on there. If it’s maxing out, you’ll need to find out what’s causing it.
Let us know how you get on- others are likely to give more information.
Sounds like you have the wrong driver selected in Cubase…