I loaded up a 1721 running the same feature set but "slightly" different IOS version (same train) and I couldnt get this to work as the track keyword in the ip route statement was only integrated into Cisco IOS Release 12.3(8)T and added to 12.3(9) so an IOS upgrade is in order here if you can. It seems that Cisco bolted the required commands at different times rather than all at one time.
Anyway, as promised, I will try and explain what the config statements above mean...
# = comments and can be pasted into the config with no side-effects.
ip sla monitor 1
# This command starts the configuration for an IP SLA operation and sets the ID number for the process.
type echo protocol ipIcmpEcho 220.127.116.11 source-interface FastEthernet0/0.1
# seting the type to be an "echo" or ping and setting the protocol to be IP with the target as 18.104.22.168 and sourced from fas0/0.1
# (OPTIONAL) Timeout of the ping is set to 2000msec or 2s.
! (OPTIONAL) self explanatory.
# (OPTIONAL) I want this operation or task to occur every 20s, default is 60s.
# (OPTIONAL) Sets the number of statistics distributions kept per hop and is used for statistical analysis using SNMP amongst other things.
enhanced-history interval 20 buckets 100
# (OPTIONAL) Performance statistics are stored in "buckets" that separate the accumulated data. Each bucket consists of data accumulated over the specified time interval. Used for stats.
ip sla monitor schedule 1 life forever start-time now
# Schedule the IP SLA's process life time and when it should run.
track 1 rtr 1
# track 1 is married to rtr 1 or ip sla monitor 1.
delay down 20
# Delay counting the tracked object as down for 20 seconds.
ip route 0.0.0.0 0.0.0.0 82.x.x.x track 1
# route to be tracked.
ip route 0.0.0.0 0.0.0.0 Loopback0 100
# backup route with floating AD.
ip route 22.214.171.124 255.255.255.255 82.x.x.x
# Ensure that the IP being tested in the IP SLA Monitor process is ONLY reachable from the primary interface.
route-map Watch-Default-Route permit 10
# Create a route-map
set ip next-hop verify-availability 126.96.36.199 1 track 1
# Verify the availability of 188.8.131.52 with the help of the IP SLA process and match it to the route being tracked.
Hope that helps mate and if you have any questions, just ask.
BTW, try and get an IOS upgrade, your IOS is not even available on CCO anymore hence it has not only been deferred but withdrawn from general circulation.--
If only my employers can see how much effort I put into the Cisco forum. They would then understand why I sleep at my desk.