error while opening sound device

I’m using Windows 7 and audacity2.0.5 to record from the internet. Audacity says “error while opening sound device please check input device settings and project sample rate”.
The WASAPI setting is the only one that shows a speaker and microphone icon ( realtek high definition) but the recorded and monitored sound is distorted and slow.
On the MME setting speakers are shown as realtek and the microphone icon is blank.
On the Windows Direct sound setting the speaker icon shows Primary Sound Driver for the speaker and the microphone icon is blank.
What do I need to do in order to get a viable recording ?

Try having a look at this FAQ in the Manual: