monitoring input signal when recording

Hi, I can't monitor the input signal through headphones when recording. I can hear pre-recorded tracks when laying in new tracks, but can never hear my input signal throught the headphones when I am recording or sitting idle with the record button lit up. The signal meter is running properly and i can playback multiple channels and hear everything.

I'm running it on a Toshiba A70 P4 Laptop with 512MB with a RealTek AC97 audio card. I'm trying to test the latency, but without hearing the input signal I'm stuck.

Any advice?