Hi,
I’ve looked over so many forums, YouTube videos and sites and I still seem to be having troubles with the latency of my play back.
I have a MacBook Pro and use a Line 6 GX to use my guitar through. When I record, the sound is fine, there’s no latency or anything. But when I play it back it’s out of time. I’ve tried the click track latency test but it still doesn’t work 
Can anyone help please?
Thanks,
Ryan.
When I record, the sound is fine, there’s no latency or anything.
How are you listening? Where are the headphones plugged in?
But when I play it back it’s out of time.
You mean when you play them back they’re out of time with each other?
The only latency adjustment Audacity has is Recording. When you create a new track you can adjust how it matches the older ones. That’s why one of the techniques of setting that involves putting headphones next to the microphone.

After you get everything settled, you can play a click track and record it in overdubbing and the two sets of blue waves will line up.

If you overdub again, all of them will line up.
It’s perfectly normal to have Machine Latency. That’s where your own live playing comes back to your headphones late. My MPB does that.
Your description seems to be backwards. This might be entertaining to fix because there is no microphone.
Koz
Audacity > Preferences > Recording: [X] Overdub should be the only thing checked.