The program seems to put out a lot of static, so much so that it over powers my voice when i use it on teamspeak 3. is there a way to limit or stop this?

Try as following:
Open the Volume Control (the small speaker in the right corner
of your taskbar) > Options menu > Properties > check "Recording" and
all recording controls in the list > OK the Recording Control comes up
> select Microphone and drag its volume down.

Turn off the background noise and effect .

Using a headset (instead of a microphone and speakers separately) is
highly recommended to avoid echo and static.