Cycling: the newbies' guide:
Fish produce waste in the form of toxic ammonia. Certain species of bacteria eat ammonia, and excrete nitrite, another toxic chemical. Other species of bacteria eat nitrite, and produce nitrate, a chemical that is exponentially less toxic than ammonia and nitrite.
Cycling an aquarium is the process of establishing the species of bacteria mentioned above. In your case, the fish you have are creating ammonia. Lots of it. Your beneficial bacteria populations have only just started to grow, as evidenced by the slight amount of nitrite in the tank. You can boost the levels of bacteria by adding established media, such as old filters, sponges, decorations, gravel-basically anything that's been in a cycled aquarium for a while.
How to save your fish: stop feeding them. Stop feeding them right now. They can go for a week or two without food, and you'll reduce ammonia production this way. Do water changes every time the ammonia goes above danger levels (the middle indicator of your test strip). Do water changes every time your nitrite levels go above danger levels (1 ppm). Basically, do a lot of water changes. I suggest looking at Boruchowitz' "Simple guide to Freshwater aquariums", it has a good way to cycle in it.
Oh, and since you're going to be keeping large fish, ditch the whisper filters. They aren't as efficient as other forms of filtration (wet-dry, plants, etc.). Your pacu's going to be very lonely, and very big when it gets older. Let me guess...Petsmart?