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Can this be correct? Isn't "this functionality" something that sound cards are supposed to be able to do?
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Audio interfaces are designed to take mics, synths, and things of that sort and pump them into a computer. What you are wanting to do shouldn't require a soundcard at all.
It appears that you are simply wanting to copy streaming audio (Youtube). There is software that does this without any need for an audio interface of any kind. I've never done it but I have friends who have.
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Can anyone else confirm this, that the Fast Track Pro cannot record its own output?
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This certain CAN be done. You need to plug the outputs of the Fast Track Pro into the inputs of the Fast Track Pro with cables. Be careful not to monitor the inputs or you'll have a feedback loop though.
This sort of thing isn't a feature that the typical home recording dude is going to have any use for. I've never used it. So, that's why it's not a built in function. In fact, there are huge reasons that you wouldn't want this in a recording situation.
Brandon