You can install the lowlatency kernel to achieve this type of performance.
I use this kernel and the latency is so low I get realtime microphone feedback noise when the microphone is too loud without any echo, just straight-up high pitched noise like it is supposed to be.
Run the following commands to install:
sudo apt-get update
sudo apt-get install linux-lowlatency
Reboot for the changes to take effect and don't forget to select the lowlatency kernel from the grub menu.
Also, as mentioned by bodhi.zazen, you should really consider checking out Ubuntustudio as it comes pre-configured with the lowlatency kernel and all that stuff. You can always install the ubuntu-desktop after installation if you prefer the unity desktop environment.
Additionally, installing ubuntustudio through apt-get usually doesn't result in a system that has the full configuration that normally comes with ubuntustudio.
You can, however, get the full configuration that comes along with Ubuntustudio by running tasksel
and choosing the "pro audio" and "audio recording" tools.
sudo tasksel
NOTE: because of a bug in tasksel, DO NOT use tasksel to uninstall packages. ONLY use tasksel to install.