Headset Getting Feedback From Speakers

I'm using a Creative Sound Blaster Audigy2 ZS Platinum sound card and an ASUS A8N-SLI Premium 939 NVIDIA nForce4 motherboard. This setup worked fine on WinXP with my Logitech headset plugged into the Mic slot on my sound card. Never had a problem and never had to mess with any settings.

Now, since doing a clean install of Windows 7, my Mic is picking up major feedback. If I happen to set the headset down or brush a finger along the actual microphone receiver, my speakers crackle and break-up.

When I was trying to fool around with the recording properties under Sound, the "What You Hear" device is the one picking up my mic. There's also a volume bar to the right of the sound devices where it shows sound coming out of the respective device. Whenever I have sound coming out of my speakers, I also have it showing up on the "What You Hear" device as well.
I normally use my headset in Ventrilo, and now whenever I talk, my mic also plays back anything that comes over my speakers as well.

Is this a driver problem or has anyone else had any similar problems? I've tried messing with multiple settings with my speaker settings as well as the "What You Hear" device with no luck. Any help or pointers would be greatly appreciated.