............ Audio Buufer is set to 2048........
This looks like your problem I think the time equation for 2048 samples is something like one week. (Kidding, but it is very late) You need to get your buffer down to around 128. You should also set your sample rate to 24. It looks like you are trying to get the maximum resolution. Problem is that you are maxing out your CPU. In the end it comes out as analog to your speakers. lowering the resolution will not be noticed on consumer grade audio devices and you will have better performance.
How are you playing music and playing BFD2 at the same time? Are you using a host (DAW) program? If so what? Sorry, but I just saw this thread and you may have answered this already.
Sound mapper might be the problem. If you can get your hands on a dedicated audio interface that is designed with music production in mind, you will get better performance. You could look at the Presonus line. They are easy on the wallet and adjustable for Buffer settings that will work better. They also ship with free DAW versions of their new software program. You can load your "ripped" audio track into one channel and host BFD2 in another MIDI channel. That will help you line things up AND you can record yourself.
Hope this helps.