I have seen this issue happen many times.  I am recording a simple hi hat all the way through out, and somewhere along the line, the waveform goes nuts (the sound is fine - just the drawing).

What is going on here?
 
Thank You!

 I used to see this issue, not very often, and not on my current system. . . not sure what your system specs are but, a few things that might work:
1) Have you tried selecting the clip, then Key in Shift-K . . . then hit the button "Recompute Pictures" ?
2) What about your Cakewalk picture cache, have you cleared that lately ?
 
I'm also curious if you are recording multiple takes of your hi-hat track, not that that should be a problem, but just wondering about the scenario of your recording workflow that might cause this to happen. I think your screenshot shows something called called "Transistor", is that a VST drum synth ?

Hello,
 
Thank you for the response.
 
Here are my system specs, its a decent laptop, about a year old:
 

 
I did clear the picture cache.
 
I also see this with multiple VSTs, I dont think it matters, but yes, this was a freeware VST that met the needs here called Transistor Drums.
 
Thank You,
Adam