Live 5.22 audio configuration with M-Audio FireWire 410

[david666]

I'm trying to create a very simple setup: 2 microphones going into M-Audio 410 box, connected through FireWire to a Windows XP machine. The training session recommends using ASIO, but it's unclear to me how to set it up.
- choosing the ASIO in the configuration setup, I can record (and see the volume bars jumping up when I talk to the mike), but cannot listen to the recording - I hear nothing. Exporting it to WAV gives empty files, with only static. In addition, the Test Tone doesn't create any volume, with any db setting.
- changing it to DirectX, everything seems to work fine: test tone, recording and playback.

My questions are:
1. How can I make ASIO work? What is the correct configuration?
2. If all I want to do is record live music into WAV (no playback, no monitoring, no other channels), does it matter if I stick with DirectX?

Thanks! I'm a beginner with this program, and it's confusing the hell out of me