Thanks, all.
I got some good help from M-Audio, starting with their web help, then calling early in the am for live help.
First of all, I did not realize that the 'firewire solo' is a sound card connected by firewire to my mac, and the iMac can't deal with two different sound cards at the same time: the internal one and the external 'firewire solo' connected by firewire. Since I had my speakers connected to the headphone out jack on the iMac, that uses the internal sound card, whereas the sound in was coming from the 'fw solo'. My first solution was to record without hearing the music, then playback through the imac speakers after changing the audio output preference. The better solution required a quick trip to Guitar center to purchase 1/4" audio cable so that the 'fw solo' can connect directly to the speakers, keeping it all in the external sound card. OK so far. Of course, the support guy at M-Audio had to tell me to set the input and outputs on the m-audio preference panel to "Firewire Solo Multichannel", not "spdif", which I wouldn't have known. Also, which tiny boxes to check such as 1/2 and spdif in this box but not in that one. OK
Then, it stopped working for sound out. I recontacted m-audio, they opened a new 'ticket' for me, and told me that once in a while I may need to hit the reset button on the m-audio control panel, and I still need to switch from internal clock (when using sound from itunes, etc) to the external clock setting when using the Stanton digital turntable for input. They said it's a bug, and they are working on it! They are very helpful, but if I hadn't spoken to them, I would never have gotten it to work.
I would prefer importing into Amadeus pro instead of garage band, because of the built in track splitting for lps, and pop removals, exporting options etc (unless they also exist in GB) but where I can see the green bars (levels) bouncing appropriately in GB, the level is so low in Amadeus that I can't record it. I have an email into Amadeus.
So, there you have it. Thanks, all.