A very simple solution to listen to what you're playin/recording while VSt plays back audio is to deactivate monitoring in VST, then open Windows' mixer which, for once, will be of some use? (Double-click the speaker in the task bar)..
Choose : Options / Properties / Setting volume for playback, and then, make absolutely sure that Wave-Line in / Mic controls are selected!
Pluggin headphones into the line output, you'll thus hear VST playing back existing tracks,as well as all audio coming into your soundcard, before sampling, thus without any latency !!!
Elementary, my dear Watson! And for our friends a bit short on money, no need an external mixing board (though? having one does make some good)? Same player shoots again?