You may check the audio subsystem you're using (WASAPI, ASIO). In most cases ASIO, despite providing a better overall latency, will lock the audio interface for itselt, thus preventing other apps from using it. Check if Asio4ALL is still running after you close Cakewalk (check for an icon on the system tray).
Raspy sounds usually mean a very low buffer, and are caused by buffer underruns: your audio subsystem plays the audio fragments before your DAW has time to process data and feed the aforementioned buffers. It happens because your plugins spend time calculating the audio signal before dumping it to the audio device. If it spends more time than it is allowed by the buffer size (its size determines latency) failures will happen.
Low buffer size is desired when recording a solo performance or performing live. For playback bigger buffers are the best option.
You may check the audio subsystem you're using (WASAPI, ASIO). In most cases ASIO, despite providing a better overall latency, will lock the audio interface for itselt, thus preventing other apps from using it. Check if Asio4ALL is still running after you close Cakewalk (check for an icon on the system tray). Raspy sounds usually mean a very low buffer, and are caused by buffer underruns: your audio subsystem plays the audio fragments before your DAW has time to process data and feed the aforementioned buffers. It happens because your plugins spend time calculating the audio signal before dumping it to the audio device. If it spends more time than it is allowed by the buffer size (its size determines latency) failures will happen. Low buffer size is desired when recording a solo performance or performing live. For playback bigger buffers are the best option.