I tested Breakaway Live down to about 5-6 ms total latency, with an RME. But most converters that support ASIO should be able to get down round there is there is not a problem with the OS – mainly bad device drivers.
Try checking the DPC Latency
http://www.thesycon.de/deu/latency_check.shtml
and going through each device in your Device Manager, and disabling one at a time to track down the problem.
Actually, what I usually do is disable all of the network and usb/firewire devices first, and see if that overall fixes the problem. If that does fix the problem then it’s a lot easier to spot when you turn each of them on one at a time.
Oh, and make sure to use a card that actually supports ASIO. ASIO4All is just an interface between ASIO and Kernel Streaming, and you’ll get more delay from using that, than just using the Kernel Streaming already build into Breakaway. 😉