Anyone here tried to use Peavey Revalver in Sonar X1E?

It may function as an effect, rather than as an instrument.  Guitar Rig 4 and 5 work that way.

So try to insert it as a VST effect in the FX bin, and see what happens.

I looked briefly at the product specs, and they clearly indicate this is VST compatible, so it should work.

If indeed it works as a plugin effect, and you want to control the knobs and such from some midi device in Sonar, then you will likely need to:

1.  Go to Tools>Cakewalk Plugin Manager
2.  Click on VST Effects
3.  Hopefully see the Revalver plugin there. If so, click once on it to highlight it, then click at the bottom of the dialog box on Plugin Properties, or however it is worded.
4.  Once there, check the box on configure as Synth, then rescan your plugins so that this alteration gets picked up.
5.  Now, remove any instances of Revalver from any tracks, and insert it again to the FX bin, but this time insert it as a SYNTH.
6.  Now, if memory serves, you set up another midi track, accepting whatever device you want to use to control the Revalver knobs as the Midi Input.  Set the Midi Output for that track to the FX Plugin version of Revalver.  

Once you complete the above, you can fiddle with the Midi Learn functions in Revalver and the midi device that you set on the dummy midi track, and all should be well in the world.

I think, 

Bob Bone