Perhaps not.
The party line is to go to Audio Setup > Audio Settings > Project Rate > 48000, then [Windows-Key]-R, “mmsys.cpl” > Recording tab > M-Audio > Properties > Advanced > Default Format > 48000.
You wouldn’t be the only one with difficulty getting their M-Audio to overdub. For company and encouragement, see:
Is it Audacity? M-Audio? or my PC? I can only record one track. Can't Overdub
Can't overdub with M-Audio M-Track DUO
Dubbing not working