I believe this microphone is mono, which means it only feeds a single channel to the audio device. You don't mention whether you're recording into the Waveform view or Multitrack view, but the steps to record a mono file (which will play through both speakers) is similar.
Waveform View: Select File > New > Audio File.. and ensure "Channels" is set to "Mono."
Multitrack View: Create a new multitrack session of any configuration. In the input dropdown for the track you wish to record to, Select Mono then the audio channel you're recording from. Your recording will be a mono file, but if your session master or track is stereo (default) you'll still be able to use stereo effects and achieve the same results you'd get from Audition 3.
I sorta' stumbled upon that one early this morning but didn't have time to play with it....funny how we get so used to the way something works that it's hard to wrap your mind around "something new in something old"...if that makes any sense. ;-*)
I've been experimenting with a few free downloads, looking for an alternative to Pro Tools (which I also work with at work) or Logic..... and all have performed as expected with regard to mic recordings (the dual channel thing)....but..
I've been a big fan of Audition since the first cool edit. A friend told me a couple of days ago that adobe was working on an audition for the Mac... Can't wait to see the finished product.....
I've printed off you email and stuck it on my wall as a reminder until I get through this "learning curve!"