When I run CbB and try to launch SPLAT I get a message on my SPLAT start up that says in effect that "No Audio Devices Running. Please go to preferences and assign etc. etc."  The same thing happens when I am running SPLAT and try to start CbB.  Why is this the case?  Can I not run both programs simultaneously?

Caused by  Audio -Drivers, I resume you are in ASIO-Mode. That means, one at a time. Possibly you could change to MME or what ever, but look out - Lantency!!!!!
 
Cheers 

Thank you!  Yes I am in the ASIO mode. I will take your advise and go to another Driver Mode! ... and the result is ..... Yup yup yup ....  it works to bring on board audio devices.  Haven't checked out latency and am not sure I know how!
 

You could look in preferences, Audio for Drivers and Latency. There are some Apps out there to check Lantency, too, but honestly, I've never used something like that. As you know, Google is your friend
But lately, you'll notice bad latency immediately
Edit: Oh, I forgot  to mention, ASIO is usually the best choice. 
 
Cheers  

ASIO is the ONLY choice for working with Audio overdubs. All other modes can be out of sync. MME mode is the worst of all for performance and is not necessary as we have WDM and WASAPI. WASAPI shared would be a second choice.
But there no reason you cannot have 2 versions of Cakewalk open other than if the sample rates were different. I often have Cakewalk, Wave Lab and Win AMp open while working. 
And I have had 2 versions of Cakewalk open in the past while doing something weird....Anyhow stay with ASIO if you can if not try WASAPI shared. 

If you have a device with ASIO drivers and they're not showing up, try re-installing the ASIO drivers.
 
I've had this happen once or twice after a windows update.

There used to be the option:
 
EDIT> Preferences> Audio> Playback and Recording and check the box marked Share Drivers With Other Programs.  However, in CbB I don't see that option any longer.
 
I use ASIO and I am able to open other DAW software and use it while working in CbB.

Jesse G
There used to be the option:
 
EDIT> Preferences> Audio> Playback and Recording and check the box marked Share Drivers With Other Programs.  However, in CbB I don't see that option any longer.
 
I use ASIO and I am able to open other DAW software and use it while working in CbB.

There's the option Stop Audio Engine when not in Focus.
 
Both DAWs in ASIO? What? 
Never worked for me. Second DAW has to change Driver Model.
 
Cheers