I just started using X3 Studio.. when I open a new project, select a drum loop to insert, it always inserts it way down in the 2,000's feet, or around an hour and 12 minutes mark. How do I solve this?

It should insert at the now point, so if type W (to set the now time at bar 1) or click at bar 1 before you insert, it should do the trick.

Preferences ->Global->Audio Data. Choose:
 "Always import broadcast Waves At Their timestamp"
this will fix your problem.

 Also check "Allow Importing Of WAV File Cue Markers" if needed.
 
By default, SONAR ignores the BWAV timestamp and inserts the file at the Now marker like any other wave. You have to check the "import broadcast waves at timestamp" option in order to have the BWAV file find its own location.
 
have fun.

FWIW the default was changed in (IIRC) SONAR 2015, to avoid having one of these threads surface every couple weeks 

Anderton
FWIW the default was changed in (IIRC) SONAR 2015, to avoid having one of these threads surface every couple weeks 

ya, I probably should have mentioned that.
I knew when he said "X3 studio" "files end up down the timeline" heard that a few times