1. Wavelab works best when using ASIO drivers. In the Wavelab preferences, if you select an ASIO driver that is written for the sound card or audio interface that you are using in the audio card Tab, you will see that the Connections button becomes available. You can select the connections button and then assign whatever inputs you want to record from in that window. If you are using a WDM driver, the connections button is not available.

2. The metering in Wavelab shows you what the record level actually is. The volume that is heard in the monitor speakers can be adjusted at different places in the signal path to be quieter than what is acutally being recorded. For Example, if you have active monitors, the volume control on the monitors themselves could be low. Or if you hace the speakers running through a mixer, the output if the mixer could be lower.