M-Audio Fast Track Ultra Recording Noise

When using Electric Guitar settings in GB, I get a lot of background noise - sounds like what happens if you have a grounded cable or problem with your guitar; a noticeable buzz. I varied the input and output settings but no difference. I also get a tape hiss type noise when using Real Instrument Acoustic Guitar settings - sounds like the hiss from a cheap tape recorder. In both cases, the gain signal out of the Fast Track is not too hot.

I am new to both Macs and recording. I have heard nothing but good about using M-Audio components with Macs so I have to think I am missing something or have a setting not adjusted right.

Have had some weird stuff going on with the metronome (won't turn off sometimes, and wont turn back on sometimes) and signal clipping too.

Any comments, advice or suggestions are welcome.