Mixmeister Control

Have installed Audacity and connected a Mixmeister by Ion to record from my hi-fi. Although there's clearly stuff being recorded (there's a WAV) I couldn't hear the playback and now discover that I can't here anything: no MP3s on WMP, no sound on the internet, nothing.

I've checked the Volume Control and can get a test tone from the ABIT Audio EQ so everything is working. I'm using the sound on my ABIT motherboard (think it's a Realtek AC'97 Audio for VIA?)

Anyone get any idea what I've done or how to fix it?
That's 'hear' obviously, sorry.