This type of delay is called latency. You can read more about latency in article number 30645.

In Project 5, go to Options > Audio. If you are using ASIO drivers, then you can press the “ASIO” button on the right-hand side to pull up your audio device’s control panel.If you are using WDM or Direct Sound drivers, the you will need to use the Mixing Latency slider to adjust Project 5′s latency.

Remember that less latency always means more CPU load.