Hi again All....
Well, I finally decided that I was tired of booting in and out of one o/s to another to accomplish different tasks.
Explained to my vendor (from whom I purchased the M-Audio AP192) what I needed to do in order record at my preferred Sample Rate, and they offered to contact M-Audio on my behalf - which worked...

An M-Audio Tech. contacted me within a day or so. Thereafter followed a series of emails, which basically requested that I follow a number of procedures that I had already tried (but didn't work).
Nevertheless, I trudged ever onward following each instruction from the M-Audio Tech. to the letter. As happened (when I sussed all of this troubleshooting out for myself previously), none of the recommendations resulted in successful operation of the card in Windows 7. I never even heard back from the Tech. after the last failure, so says something about M-Audio's support commitment

, in my view.
Anyway, relayed the lack of success back to my vendor, whereupon they offered to refund my full purchase costs (including shipping) since in their opinion, I gave it a fairly good go. I took them up on this offer and searched around once more for a possible replacement.
Given the success "rkay5" (above) has had with his E-MU devices, thought I would suss out the options available to me here in Oz and head down that route. Turns out that Oz distributors are having trouble acquiring the full range of E-MU products from the manufacturer and even if they could, the recommended retail prices seem to be quite high.
So, went back to my old friend Google to see where I might be able to purchase a suitable E-MU offering from overseas. Found a couple of very helpful vendors in the U.S. who were happy to ship to Australia. I selected the E-MU 1212M PCIe kit, as this seemed to be a very capable system which does a lot more than I need it for currently; plus, I was quoted ~AUD$100.00 (including shipping) less than the costs quoted by the Oz importer (for something they don't have and can't get). Needless to say, I took up the better offer from the States.
Even better, it only took three days to be delivered to my door; arrived yesterday. After setting everything up, installing drivers, etc and then running a couple of crude tests, I am able to confirm that the E-MU hardware does in fact allow syncing to sample rates at 24bit word size, up to 192KHz... Yay!! So finally, I can now get on with my project of vinyl restoration. Persistence has paid off.
If there is anyone else out there who wants to be able to record at higher sample rates in Win7, the E-MU audio interface options will definitely do it for you. Now all I've got to do, is learn how to drive the PatchMix DSP software that comes with the 1212M PCIe - Has a very professional feel to it....
A happy camper once more so thanks to everyone who offered help from their own personal experiences. Much appreciated and hope I can return the favour one day....
Merry Christmas to All
Mal.