Lets try to get you up and running in simple form and go from there.

Everything below will be in Options-Preferences area.

MIDI Devices
Set input to Pod if available (make it the only one highlited)
Set output to MS Softsynth (make it the only one highlited)
Click 'move selected device to top' (important)
Uncheck the box for 'Reroute MIDI playback to deafualt DXi/VSTi synth'.

Audio preferences
Set to MME
Click 'Drivers' button-
Set input to POD device (make it the only one highlited)
Set output to your soundcard driver (make sure it is the only one highlited), then click 'Move selected device to top' button. This is important.

Now open LatencyAdjust.SEQ (this should be in the Realband folder) in RB and hit play. You should hear the midi synth and an audio track playing out of the computer speakers or headphone jack.

If both work, now click on the VU icon in upper right toolbar, and then play thru your Pod and see if the input side of the VU's show signal.

How are we doing so far?
Turn each track down one at a time to see if you hear both audio and MIDI sound. At this point they may not be in sync, but we'll get to that shortly.

I do not work here, but the benefits are still awesome
Make your sound your own!