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Does anyone know whether M-Audio Fast Track Ultra with its MX Core DSP will allow standalone mixer operation
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Unfortunately no. The Ultra wasn't designed to work in stand-alone mode. You have to be connected to the computer in order to make changes to the mixer. If you set everything up ahead of time and then disconnect the Ultra from the computer it will still pass audio in the way configured but this is not official supported and may exhibit some performance issues.
I hope this helps
RayT
Hardware product Manger
M-Audio