Thats not too different from my setup!
First of all does your mic require phantom power? It should do as it looks like you have a studio mic your using! Make sure that switch is turn on on your M Audio.
The quality of your vocals is there but its just a little distorted! I think this is either due to the gain being too high on your M Audio, or on your windows recording mixer! Also, do you get a red clip marl when you record into Cool Edit??
I'm really feeling this song!