Mbox 2 Mini not working HELP.

I am running a mid 2012 MBPR with a 2.3 ghz i7 on OS 10.8.3. I downloaded the latest driver, firmware 1.40, for the mbox 2 mini and am having trouble getting it to work. It seems to recognize it once I restart the computer but once I pull up garage band and select the mbox as the input and output, I hear a pop and it doesn't work. I don't hear a signal coming through or see anything on the meters. Any ideas? Additionally when I go into system preferences and hook up the mbox, it doesn't say its connected even though it is.