My effects plugin is causing latency!
Some effects plugins don't report the amount of latency they are creating to the host program (Mixcraft, in this case). Voxengo has created a free plugin that can help with this. It's called Latency Delay, and you can download it from one of the following links:
Quit Mixcraft, unzip the Latency Delay file and place the DLL file in your C:\Program Files\VST folder.