So, at this point, I have tried everything I can and here's where I am....
Everything "works" but, whenever I press Play, I get the spinning blue disk with about a one second hesitation before play actually starts. When I set up a loop, the first time through, at the end of the loop, it stops play and hesitates (with the spinning blue disk) for about one second. After that first time through, the loop plays fine.
This is the same behavior I had on my old computer (which is what led me to getting a new computer).
The constants between my old computer and the new computer are Cakewalk by BandLab and, my firewire card, which I transferred from my old computer to my new one. (NOTE: The firewire card is a Siig unit with a TI chipset)
All my issues started about six months ago on my old computer. It was over six years old and I just assumed it was the culprit, that's why I got this new computer.
Unless anybody has any better ideas, I guess I will have to buy a new firewire card and see if it makes any difference.
Oh, also, Studio One works just fine on both computers. No lag, no hesitation, works perfectly. I just REALLY prefer Cakewalk to Studio One.