the meter shows the level of the input source, when I play, is clipping- can the level be adjusted in Vegas or SF without turning down the input source? (the sound card has a fixed level)
if the sound card has a fixed level, turning it down afterwards will not solve the problem, as the sound is already clipped; you need to find a way to attenuate the source signal.
No, these programs depend on the hardware to adjust the input level. What sort of sound card do you have that isn't adjustable? Have you opened up the sound card's mixer control panel and gone to Options / Properties / Recording?