Here are a couple of screenshots of my Terratec setting, Media Center setting and the diagnostic dialog of Media Center when I try to play using ASIO.
The thing is, when I try to play with the following settings, Media Center will play without any error but no sound will come out. In case you are wondering, I am using SPDIF out that's connected directly to an amplifier. I've tried changing the channel offset but still no dice. I've also set the sample rate to 48khz and output format to 24 bit. I've tried it with 16bit and also without changing the sampling rate but still no sound. I am not sure if ASIO will work with SPDIF out so if that's the problem then I will have to sheepishly say I am sorry. =)
-- Added
Also, after I try to play using ASIO, when I try to play other Apps that uses the soundcard, a repetitive sound will occur and won't go away until I use Media Center to play through Direct Sound again. =/
I know it sound confusing but I am also confused by the behaviour of the ASIO too.