It would be great if someone from Cakewalk would notice this particular problem.
This also happens with two projects of the same sample rate. It has only happened since platinum - doesn't happen in X3 on the same system with identical drivers. It also happens on Windows 7, so it is not OS dependant. I have also reproduced it on 2 different systems with different interfaces, so it is not exclusive to a particular driver. Despite having spent a very long time trying different settings, eliminating plugins etc, I am yet to get any closer at all to the cause. I have just gotten used to hitting the space bar 3 times when switching between projects!
Some people report a noise like a short sample looping or buzzing when restarting playback after switching between projects, others the audio dropout toaster popup. I've had both.
There is a thread about it in the depths of the problem reports somewhere, I posted a thread back in December, and a couple of other threads have come and gone as well. It just doesn't seem to be quite common enough to get traction on the forum:(