[Cailyn]

That delay is called latency and it's caused by delays as the signal goes through your computer sound card and the software. Computer native sound cards are not really very good for recording sound in programs like Live. The best solution is to buy an audio interface that uses ASIO drivers (virtually all interfaces do). Otherwise, go into Preferences and reduce the Output Buffer Size until you start to get drop outs in the signal and then adjust the Driver Error Compensation until the latency = 0.