Thanks for all the assistance fellas! Each and everyone of you had something useful to offer. Turns out my PC had some viruses and malware causing issues. So @Bitflipper, you were right on the $. And I will def take a closer look with those apps you recommended. I think I had registry conflicts too (ughh). I ended up just performing a fresh install of Windows 7 Pro. After 48 hours of re-installing (everything) thus far, all seems to be on the up & up. I'll keeping monitoring this midi issue.
@Wookiee - Was monitoring System Performance. My beefed up HP Z800 Server PC seems to handle audio/video rendering well.
@msmcleod - No. It was def Windows 7 acting up & not Cakewalk's monitoring system (this time) becasue its 100% working now.
-Lee