Definitely not a known bug that I'm aware of. Alex (forum host) keeps a list of known and user repeated bugs.
Cakewalk itself keeps a list of items in development but it includes on-going development efforts and so is not public.
Do you ever have the problem if you press E to bypass all FX?
Which effect is causing it.
Sometimes, unlicensed/demo fx have a built in 'feature' to interrupt audio after the demo period expires. This can be pretty aggrevating, especially if you believe it should either still be working in demo mode or don't realize it's a demo.
This year, I bought a large set of plugins from Nomad and they included demo plugins with my install package that were demo, that were not included in my purchase and I could not choose to not install. If I wanted the plugins I paid for, I had to let them install ad-ware.
Pretty cool, huh?
Now, if your effect is the Concrete Limiter, there were cases a long time ago where that bad boy would mess up and prevent sound going through even though it was properly installed etc. etc. I believe that bug has been fixed for a long time, though.
Which version of X3 are you on?