Yes, Indeed…
Here is how to configure USB Mics and ASIO4ALL.
-
Download and install ASIO4ALL: http://www.asio4all.com/
-
Open Cubase and go to “Devices–> Device Setup–> VST Audiosystem” and select ASIO4ALL as Asio driver. Apply the changes.
-
Now go to the point under “Devices–> Device Setup–> VST Audiosystem” called ASIO 4 ALL. Click on Control Panel.
-
In the WDM Device list of the ASIO4ALL control panel activate your USB Mic and the respective Inputs. You might have to activate the advanced view for that.
-
Now go to “Devices–> VST Connections” and go to the Input tab. create a new MONO Bus. Now select the USB Mic input as Device Port for that bus. If you want to you can also rename the bus to for example to “USB Mic Bus”.
-
Now create a MONO Audio track, Project–> Add track–> Audio
-
As Input for that track choose the newly created Input bus in the inspector.
-
Now record enable the track and you’re ready to go.
If you have a audiointerface with a dedicated driver it is not advisable to use a USB mic as it most likely will only work with a generic driver like ASIO4ALL.
USB Mic’s are not ideal for DAW setups and I would not recommend them for Cubase users. 
Instead I would recommend an ASIO audiointerface and a mic with a common XLR connection.
Gr,
JHP