Latency issue, Cubase LE + Lexicon Alpha

Hi!
I have a Lexicon Alpha external soundcard and Cubase LE4.
It’s been laying around in the closet for a while but I decided to give it a go again…

I have som major latency issues when I want to play through a plugin in Cubase… for example Guitar Rig 5.

The instruction manual told me to setup the ‘Device Setup’ like this:
(Specifically telling me to chose Alpha ASIO as my driver)
Alpha ASIO.jpg
With the above settings I have no problems with recording or playback if I for example record a clean guitar plugged straight into the soundcard. (Not sure if a latency of ~10 IN and ~50 OUT is good or bad but I can’t hear any noticable latency however…)

Now to the problem, with these settings, I can’t hear the effects from Guitar Rig in real time.
I can only add them once recorded the track. During recording I only get that clean guitar sound coming straight into the soundcard (even if Guitar Rig is up and running and added to the track as a plugin).
I’ve tried reading forums but I can’t find a solution.

I tried switching driver in ‘Device Setup’ to this…
ASIO DirectX Full Duplex Driver.jpg
With that driver I can now hear the effect of Guitar Rig in real time.
Problem is, as you can see on the .JPG, the latency is horrible.

What am I doing wrong?
If someone could help me out I would be more than happy.

Computer specs:
(Formatted today before installing Cubase, all systemdrivers installed)

  • Intel Core i5, 3.1 GHz
  • 16GB RAM
  • Win 8.1, 64bit