Thats nice for recording dude...
I only have one suggestion. Try to get another sound card. Try to look for M-AUDIO 10/10LT. It's MUCH better than the one you mentioned and it is even cheaper!
=]
Redemtion,
I strongly suggest not using your music computer for gaming. In fact, I'd dedicate your music computer to nothing but music and not even link it to the internet. You cannot fully optimise your computer for music if you're also using it for other tasks. I realise that budget is probably a consideration and that most folks can't afford two computers, but most of your audio pros will tell you not to use your audio computer for anything else, especially gaming.
As for the soundcard, there are several better soundcards for that amount of money. As Ronaz suggests, the Delta 1010LT is an excellent choice and, for $300.00, you can pick up a full blown Delta 1010 with the breakout interface, used off of Ebay, although that may be way more than you need, I dunno. Your games will sound just as awesome , if not more so...IF you have to have games on your music computer. ;-)
The Radeon 9800 Pro 128 is a great card (I game with the 256 version) and I've had no problems playing Doom3, Half Life 2, etc. I am, however, going back to Nvidia, because dealing with Radeon drivers is a royal pain. You can't update to new drivers without uninstalling the old ones, a sometimes tricky, if not very invonvenient, task. Nvideo drivers can be installed right over the old ones, quick and painless upgrade. My next computer will actually have the new PCI Express format, a much faster graphics platform, which is great for gaming, but complete overkill for music, imho.