Let me answer the one I can:
ASIO is a somewhat new standard of data flow to your audio card, allowing certain programs the ability to access the card directly without going through other MS related protocols. This can create stunning stereo audio as well as surround and 5.1 data streams and also leave your system resources free to do other important things.
I also have yet to get ASIO working in MC with my card, although I have used it with some audio editing software, so I know it works. I have an uneasy feeling though that MC probably won't support my card anytime soon, if ever, but your cards should be supported now or sometime soon.
Hope that helps...you may want to research ASIO yourself and your cards abilities with ASIO before getting too frustated with it in MC, as MC is currently beta, and the ASIO support in MC is very recent.