I have Audacity 2.0.5 and Windows 8. When recording voice overdubbing on an imported instrumental track, I encounter latency. How to avoid/fix this problem?
Turn off “Software Playthrough” (near the bottom of the “Transport” menu).
There are some articles here about how to make “overdub” recordings: http://manual.audacityteam.org/o/man/tutorial_recording_multi_track_overdubs.html
There will always be latency when overdubbing on a computer. The trick is to measure the latency and enter the delay in audacity. The method I use to measure latency is to record some light taps on the mic at regular intervals. Overdub the clicks using headphones or portable speaker plugged into the pc with the earpiece or speaker close to the mic. If the clicks in the expanded waveforms are in exactly the same position the latency is set correctly but chances are it wont be. If the lower waveform is to the left of the upper waveform increase the latency. If it is to the right decrease the latency. Re-record with new settings until upper and lower clicks appear at an identical time. This just needs to be done once only. After this audacity will move the dubbing track to compensate for the latency in the pc.
Overdub the clicks using headphones or portable speaker plugged into the pc with the earpiece or speaker close to the mic.
And remember there are two latencies. The one which causes your live voice to arrive at your headphones late is computer latency not recording latency and you may be stuck with that.