it's weird because in the mbox control panel it doesn't even allow me to adjust any of the hardware inputs because it doesn't detect there is any.. when infact there is a mic plugged in. The section is just greyed out. Maybe that is the problem? I don't know...
edit: I installed the latest mbox 3 driver.. ajusted the hardware inputs to as high as they could go, and I still have this volume issue... wtf?!?!