Monitoring/Recording issue

Hello Criptonite and welcome to these forums. You'll find many helpful people here and a lot of useful information. The usual cause of this problem is that the audio output from track one is being merged back into the incoming audio (from the guitar) in the audio interface. Check the signal path routing in the TC-Helicon. It can also be done within Reaper but I reckon that that is unlikely.

Problem solved 

Just in case anyone else has the same issue. It came down to NOT starting any other program that uses audio. Then by launching Reaper first Asio4All can see both the default audio system and the Voicelive Play USB which means you can configure inputs and outputs in Asio's advanced section. Easy once you know how but impossible if you don't!