Hello again.
I spoke to a Motu technician (for the third time...) after I started this thread. We tried some different things and found out that my UltraLite could work more or less when I rolled the SP2 IEEE drivers back to SP1 manually - the RME-way - IF i reduced my samplerate to 44.1 and set the buffer size to 1024 or 2048. If I set the controls to anything else, the problem comes back.
Now I feel that I'm half-way trough. My UltraLite has sorta proved that it CAN work, more or less, so now I just have to figure out how to regain control of the samplerate and the buffer size.
Although the first problem (with all the noize and the LED dancing) is (more or less) solved, I can't use the UltraLite properly just jet. It seems the UltraLite is not very happy with this configuration (44.1 samplerate and buffersize: 1024/2048) - when I play back audio in Cubase or other similar programs the sound makes a crack about every 10-15 seconds, and pauses for like half a second. This looks like the system is overloaded due to the buffer size - but my computer should be more than fast enough to deal with this.
The UltraLite seems to be working perfectly when I use it as a standalone. Also I think I should mention that this is the 2. unit I have tried. The first one had the same symptoms, which made me think that it had a malfunction - so I returned it and got a new when - that behaved in exactly the same way.
If anybody can come with some ideas or have any thoughts regarding my problem, you are more than welcome!
Thanks to smokey

- I can only agree that my first post did not tell much about my system. I will try to be more precise the next time!
Have a nice day!
Rune