The first time you run LiveProfessor you must review your audio settings
Open the Audio & Midi Options panel from Options > Audio & Midi Options
Select the audio device that you would like to use. On Windows we prefer ASIO as Audio device type. Select sample rate and Audio buffer size.
The buffer size will influence the latency introduced by the system. Lower values will give you lower latency at the cost of CPU/resource usage.
You will have to find out how low you can set the buffer on your system.
If you experience clicking / distortion / drop-outs try to raise the buffer size.
Audio Input & Outputs
In the Audio & Midi Options dialog, there is also a section to let you choose which audio input and output should be active.
This can be used to simply the patch view inside LiveProfessor. Maybe you only need the digital I/O of your device. In addition, you can name the I/O- ports in the User Label column to give them names that relate to your actual setup.