I am recording some acoustic guitar riffs over a beat i made in fruity loops, but from the mic to the headphones there is a slight delay so it sounds out of time. I need to be able to hear the drums though when im recording, so is there a way to keep the mic on but turn it off in the phones? To be clear, i want to hear the beat im playing along with, but not the instrument i'm recording. Someone drop that one on me hiroshima style.

Are you recording in FL? The obvious way would be to just mute the track.

The delay is due to latency issues, if you want zero latency monitoring, use a mixer to monitor the guitar or purchase a better audio interface.