I am not sure MC has MIDI sync function available.
 
I will check tonight if I can to see if it's available in the preferences, but if you're not seeing it as something to select, then it's probably not available in MC.  probably something you have to have sonar for.

ok, sorry it took so long to get back to you, but I have confirmed that MC7 does not have MIDI sync capability.  I thought that was the case and I was sure that was true for MC5 and below, but wasn't positive about MC7 until I looked at it.
 
in order to get MIDI sync you'll have to upgrade to Sonar.  I believe all versions of Sonar, including artist have MIDI sync.  It looks like cake no longer gives a discount to owners of products other than sonar for upgrades to sonar, so cost for sonar artist is $99 or $9.99 per month.

Thanks, Beagle. I suppose Sonar's monthly option is better for me to start, since outright buying it is just out of my reach for the time being (USD -> CAD = $140).  But going monthly would give me time to know if it's a good fit. Pretty sure it would be, though.