How do you measure this 2 seconds delay Brian ?
If you want a microphone that you can monitor without perceptible delay an external hardware mixer is the answer (if needed looping PlayIt Live through the mixer and adding the microphone in the "return" signal to the PC).
If you are listening to a decoded stream I would expect more delay than 2 seconds.
See:
http://support.playitsoftware.com/support/discussions/topics/5000089090
for an example of a mixer with PlayIt live and a mixer.
Brian Mitchell