I have a Montego II sound card and have tried the play and record at the same time (play in CUBASE and record with CoolEdit), but the quality was very poor. I have also tried several other programs that claim they can convert the file to wav, but have found that quality and sound was poor or the program was so compicated that having trouble figuring it out. Here are the programs that I have found, if you get it working, all I ask is please let me know how.
WavMaker III
MIDInight Express II
http://www.polyhedric.com/software/index.html
I have tried CUBASE as well.
..completely frustrated.