If can't record audio(mic, guitar, ect):
Make sure that you are choosing an audio In/Out and Arming the track by pressing the R on the track before pressing record. Then, choose Start | Programs | Accessories | Multimedia | Volume Control | Options | Properties. Click on Adjust Volume For Recording, and make sure all boxes below are checked. Click OK, and locate the Line In and Mic sliders. Make sure the Select boxes at the bottom are checked (you may only be able to check one at a time - check the one appropriate for your purposes). Close the window down and try recording in Cakewalk again.
If you still have no luck, choose Options | Audio in CAKEWALK. Make sure the Playback Timing Master refers to your sound card. Click the arrow to the right, and if you see any reference to a Game Compatible Device or a Voice Modem, you'll need to disable it. Disable this device in Control Panel | Multimedia | Advanced | Audio Devices. Double click on the modem and choose Do Not Use Audio Features On This Device. Click OK, and restart your computer. When you're back up and running, locate the file AUD.INI and delete it. Then launch CAKEWALK and allow it to profile your hardware.
If the problem continues, then under Options | Audio | Advanced check the option to always use MME drivers and then press Ok and restart Cakewalk. Next, select only your soundcard under Options | Audio | Drivers. Then, try it again.
If none of this works, try recording in Windows Sound Recorder (Start
| Programs | Accessories (Entertainment in Win 98) | Multimedia | Sound Recorder.
If you cannot record in Sound Recorder, you won't be able to record in CAKEWALK.
I'd then have you speak with your computer vendor's technical support. Once
they get Sound Recorder working, Cakewalk should work as well.