Weird default reverb with new live set

[Binage]

I recently bought Ableton Live 9 Intro. Whenever I create a new live set and then try to record my guitar, it plays back with heavy delay. I've tried everything to disable various things in the delay window, but to no avail. It's seriously driving me mental so if anyone has any suggestions, please let me know.

[derb]

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[3dot...]

you need an (low latency) asio/coreaudio compatible audio interface...
and an audio buffer size of less than 128 samples