Wardog helped me with my mic issue. Assuming that you are using Windows OS, I have XP so your setup might differ.
Try this:
(Ooops. Try this first. Go to your sound properties and under record take a note if your there is a check in the box that says microphone or "what u hear". Try to change the check and then see if this fixes the problem.)
Go to control panel. Select "Sounds, Speech and Audio Devices". Next screen, select "Sounds and Audio Devices". New window pops up and select "voice" TAB in that window. Now the option near the bottom is listed "Test Hardware". Go ahead and press this button. Next you will need to talk into microphone and watch for meter movement. Follow all of the instructions and click next. Then speak into microphone again and you should hear a playback of your voice. This is where I believe Windows tries to do to much and I found it was buggy on my end so had to do it several times to get it right.
Let me know if this helps you. I take no credit if it does. Wardog38 has been very helpful and knowledgeable in helping to fix a number of things with my system.

Brutha I hope this helps.