Here's another option I've had good results with.
Not sure how it compares to M Audio rigs.
Maybe others could weigh in on this.

Line 6 makes various versions with more inputs.

http://www.ebay.com/itm/Line-6-POD-Studi...=item5ae2e1d532

Gets your Instrument or Mic into the computer with USB.
No latency. Relatively inexpensive.

I have the earlier UX1 with Gearbox effects program and it has a zillion possible effects models with different combos of virtual amp and speaker cabinets.
Or you can run the signal in dry.