Recording Vocals, Through Monitoring Latency Issues

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Is anyone recording vocals and monitoring through the Ableton software (not direct through audio interface) without noticeable latency issues?

I have been testing a system in anticipation of setting up a mobile recording set up on a new i7 MacBook Pro 17". Right now I either get a lot of crackle and pop with low buffer size, or too much delay with a buffer size that limits the crackle.

I am currently on an older MacBook Pro 17" 4gb of ram, 500gb 7200rpm drive, using the M-Audio Lightbridge firewire interface running Ableton Suite 8.1.

Is it possible to monitor through Ableton with professional levels of latency (meaning vocalist does not hear a delay on their voice) or do I have to switch to direct monitoring?

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I got a new Macbook Pro and am now running it native on the mac side and the latency is no longer an issue at the moment. Not sure if it was that the old Mac was running Bootcamp and XP, or if it was because there were only 20gigs free on the hard drive.