You will probably have better control if you use the DAQ toolbox for everything (i.e create an analogoutput and an analogutinput object) instead of mixing it with wavrecord. That said, if you want reasonable good sound streaming you have to switch to port audio.
Look at the examples in the above page. The signal are fed into the analyzer in batch mode. You can just replace those signals with the one you get from the microphone.
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