ok both of you got the same problems.
here's the problem :
Instrument > 1/4jack cable > 1/4to1/8 earphone adapter > into your onboard soundcard PC > DAW
yes you can record track #1 for example but you can't record track #2 without "recording what you hear when track #1 is playing" correct?
what you're lacking is a way to monitor what you're playing WITHOUT getting it recorded onto your DAW.
you're not using a multitrack recording soundcard so that doesn't help at all. and if you use splitter cables that means
instrument > 1) soundcard pc recording etc..
instrument > 2) earphones
earphones wouldn't be able to hear anything much because it lacks a "preamp". but a "computer speaker" is a preamp , so now you got 2 options :
Note : (f) = female / (m) = male , can't tell the difference? female got "hole" , male is the one with the mr happy.
------1A------ : may not be able to use earphones to monitor. only speakers
from your Instrument > 1/4jack cable >
mono 1/4 splitter >
1st Output (m) > (f)1/4 to 1/8 adapter(m) > straight to your soundcard. for recording
2nd output (m) > (f)1/4 to 1/8 adapter(m) > (f)1/8 to 1/8(f) > (m)another set of PC speakers
*2nd output (m) > you could skip the above but you'll have to place your Amp damn close to your pc not feasible.
------1B------
from your instrument >
mono 1/4 splitter (what you see on the site is stereo 2 black stripes, look for mono 1 black stripe since recording from bass/guitar) >
1st output(f)> (m)1/4 to 1/8 adapter(f) > 1/8 cable to your soundcard for recording.
2nd output(f)> (m) 1/4 to 1/8 adapter (f) > (m) another set of PC speakers
------2--------
from your instrument > 1/4jack cable > *e.g : Zoom 505II pedal (stereo headphone out) (f) > (m)1/4 to 1/8 adapter (f) > (m) 1/8 to 2 x 1/8 stereo splitter (f)(f)
output 1 : (m)1/8 cable (m) > soundcard recording
output 2 : earphones/headphones.
2 is possible cos the zoom acts as a "preamp" . and the "gain" in the volume will be more audible in headphones. silent recording too so your parents don't kick your ass if you're recording in the middle of the night. acts as a cabinet simulation too anyway.
so methods 1 will set you back around $50+ with all those cables and adapters.
2 will set you back around $100. try to get the zoom 505 at 2nd hand. it's quite handy.
then again there's a method 3 = save up and buy a line6 toneport UX1 ($200+ i think) UX2 (around $300). few hundred bucks will make everything possible and sound better also.
your choice your money your call.
this should help.
50¢ worth