Hopefully this helps others, since this was the first result I found on Google. Turn off the "DC Offset Cancellation" in the enhancements tab. Click OK, then unplug and replug your mic to restart it. It reduces the background static to almost nothing, then you can set the mic levels appropriately. It's a nice mic after that.
Edit: There seams to be a bug in the Realtek audio setup. If the DC offset on my machine is unchecked, it actually works (I can hear the static eventually drop if I increase the input level.). Any case, experiment with that setting. Remember to unplug and replug your mic to make it set.
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