Boomerang is loud

["Steve Rudolph" <spr@home.com>]

I just picked up a boomerang last week and when I plugged it in, I found it
to be very loud.  Through adjusting the I/O levels on the back, I found I
could get rid of the hiss, but then the until would start clipping.
Basically, it looks like I can either have the clip light be constantly on,
or deal with a lot of background noise.  For any of you with a boomerang,
does yours do this too, or do I need to send this baby in as defective?

-Steve