This post is a re-post as per Elementuser's request. Can the mod please move this to the Tech Support forum? For some reason it's not letting me into Tech support forums... unless I'm just failing miserable :P
Your console log is showing that you are using recording driver 0: Built-in Input and have 4 available drivers to choose from. Are you using a headset or are you trying to use the built in microphone? If you are trying to use the MAC's mic then you need to switch your driver to "Build in Microphone".
If you can give me a bit more information about your computer it would be great:
Please include, your RAM, Sound Card, CPU, Input Device (internal or external mic and is it usb or not?).
Please state what version of OS X you are using.