then we have to discard the m audio card for the meantime as the culprit.
what is the mixer you are using, and what is the signal path from the guitar cable to the output jack or the mixer? is there a direct output for each channel? then you can also try it out.
the mixer is a studiomaster diamond 12-2. an 'ancient' mixer. it doesnt have a direct output for each channel. 12 mic, 12 line in, 2 aux, one stereo tape in, one stereo out(rec) , global phantom power switch, headphones, main out. im using the record out from the mixer to connect the card. bass guitar is plugged to the line in. i have a half broken/working sans amp bass driver lying somewhere around the house but i'm not comfortable using that. its also a really ancient thing. ive tried using the main out too (with a jack) as the output to the sound card. the meters are identical.
Some bass cabs line outs are controlled by the master volume (should not be) or some other volume control. Have you tried miking the bass cabinet via the mixer? This test should help you determine if the mixer channel strip is defective or not. Some mixer channels let you choose between line or mic settings; you can use both simultaneously.
i dont have good mics for the bass amp and this mixer model is not equipped with the line mic switch but can be used simultaneously. the bass amp is a fender bxr100 and if i mic this thing with half the settings, it would surely result to an 'interview' with the local townhomes officials. there's also a 0db sign just under the bass amp's line out channel. i assumed it just preserves the original signal strength.