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First, make sure your microphone is plugged in and working.
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Now lets make sure the record settings in Soundtrack Pro are correct.
Note:this can be checked in two places. 1st, in the upper left hand corner of the interface. 2nd, in Soundtrack Pro-> Preferences-> Record-> Device.
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You can tell your mic is ready to record when you see the green slider go up and down when you speak into the mic. For a clear signal, try to get the settings so that the slidered hits just below the red.
Note: if you record in the red, your file will be clipping and will sound very bad.