More potential silly questions.
Have you selected a patch in the the soft synth (Which soft synth?)
Have you tried the on screen keyboard to ensure that your sound is working?
Views > Virtual Controller/Keyboard
Does the Audio show in the output track of the software synth You may need to split the track if you have inserted as a Simple instrument Right click split instrument
Have you select the M-Audio 88-es as a midi device in preferences
Is you audio card selected in Audio preferences?