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Here's a handy tip to burnish that learning curve -- it ain't so. The software is WED to the output as a whole. It's not like plugging in your flash drive and boom - there it is on your desktop and you're rolling.
Like TVD thought.
So, time was spent deep in the nooks and crannies of the Mac's preferences. Needle down, hearing stuff, but it's not through the speakers. It's all done through the software program, and that'd be Audacity for ION owners. But ONLY after configuring the Preferences just right. Click to "play track while recording" (yes, we're idiots) and voila! You don't even need to be in archiving mode just to listen, if that's what you're after.
So, there. A whole evening back to you that we lost. But there ARE rewards to come...