Take a look at the Available Disk Space readout at the bottom of the Cakewalk window. If it says you’re low, then you’re low, and you’ll need to clean up some space. To do this, choose Tools | Clean Audio Disk. Click Find, and once all the files are located, choose Delete All. Make sure you empty your Windows recycle bin afterward, in case the files were sent there.
2. If the disk space readout looks like you’ve got plenty of room, go to Tools | Audio Options | Advanced, and make sure the Data Directory is pointing to the proper path. If you’ve recently reinstalled Cakewalk, this may be incorrect and you’ll have to edit it now.