I don't know how your software works, but is there some sort of levels or waveform while you're recording? If so, it means the signal is coming in (which is what you said). Next test is to make sure it's arriving at the software. If so and it's not playing... try an export. Perhaps it just doesn't like wavs. Perhaps see if your computer recognizes the output from the software: A common thing for new drivers is to reset to a default.

Failing that: Wax cylinders.