1st - what are u recording into? I thought u still needed an interface?
If your just plugging straight into the laptop thats no good man - your gonna render horrible results that way. U just gotta wait it out and cop the MBox like ur planning on.
From what it sounds like, your gain structure is getting fucked up because u don't have a proper way to set up your recording chain....
Also, the mic u have is really intended for podcasts rather then professional music recording. I would look into a good large diaphragm condenser mic, trust me it will make a world of a difference once u combine that with your MBox.
Lastly, i couldnt find any specs on what that mic requires in regards to power but just about all condenser mics are Phantom Powered (+48v), so if your trying to plug straight into your computer and not using the little preamp that came with the podcast kit your going to run into problems as well...
Since your on a budget and it sounds like your trying to get into vocal recording too, i would consider maybe holding off on copping the turntable and turntable pre and use that money to get a good mic, some cables, and that Mbox instead....
Then u can just use Reason for time being to make your beats and record your vocals in ProTools with good results...