It seems his issue was that all tracks were getting recorded when he enabled the IM recording.

This would indicate the M-Audio mixer was set to monitor mix with all sound being routed together and looping back thru.
Inside the main mixer (Check taskbar lower right or control panel to find it) there is a setting for what gets recorded. Set it to just the inputs being used, not the whole mix.

A workaround would be to uncheck the 'record IM' box. Then save the effects you are using by clicking the 'save group' button in the DX FX area. You will still hear the effects while recording if you leave the allow input monitoring box checked.
Then after recording use the 'Load group' button to put the exact same effects on the track after recording. The added benefit of this is that you can still adjust those effects later on (add more EQ or less reverb, etc.)

It's the preferred method here.. being stuck with a set of effects has caused me to have to re-record tracks to make them acceptable.

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