Blue icicle(usb mic) latency w/reaper.

[M.G. Eddie]

I got a new blue icicle for Christmas thinking hey all I would really need is 1 channel for vox and guitar. When I asked for this gift I didn't have any first hand usb mic experience and now all of the usb mic hate makes sense. I am well aware that the icicle is the input w/ no output other than the computers hardware. Is there a way to sync up the two devices to work as one so that this gift is not in vain? latency is the problem here and if anyone has any suggestions then please let know.
thanx eddie