I figured out my mistake. You must have the cable plugged in! AND update the usb drivers! Or the USB serial port wont show up. that is the one you would be changing the settings on. Once it works, Latency settings WILL show up.
As for the usb drivers heres what you do. use those drivers JPhughan mentioned from that web link. whats not important is whats in those files. Pay attention to the usb driver RAR. unzip that to your C drive.
IMportant part. so plug your cable in as stated. under device manager find the usb serial connection and right click. click on UPDATE DRIVER. install it manually when prompted, so you can Browse to your C drive. click ok on our C drive and it will try to locate drivers there for the update. This should work.