Error while opening sound device - Zoom R16

[factorial]

I just got a Zoom R16, have installed the drivers, and am attempting to use Audacity to record from it as an interface. However, whenever I hit record I get the "Error while opening sound device. Please check the input device settings and the project sample rate." message.

In Edit > Preferences > Audio I/O I have ZOOM R16_24 selected as my Recording device. I have tried 1 and 2 channels to no avail.
Under the Quality tab there, I have tried all three Default Sample Format options available to me (16, 24, 32bit), no dice. I have left the Default Sample Rate at 44100 Hz because the R16 says on the LED screen: "Sample Rate=44.1kHz"

So, is anybody else using the Zoom R16 as a multi-channel interface? What am I missing here? Thanks a lot.

[kozikowski]

Can you set the R16 for sound standard -- 44100, 16 bit, Stereo? Forget multi-track for a minute.

Set Audacity Preferences for that standard and then restart Audacity.

Oh, wait. One more step. Download and install Audacity 1.3.12.

http://audacityteam.org/download/

Audacity 1.2 is no longer supported on modern computers.

So under 1.3.12, set the preferences for 44100, 16-bit, Stereo and restart. Make the mixer produce music and see if you can get Audacity to record some of it.

Koz