It's a new hard drive in a new computer. All I did was transfer the files over from the old drive. 
I know SSD's are fast but, the small capacity and price are limiting to me.
The audio drive is a brand new Seagate Barracuda 2 Tb.
 

Please, correct me if any of this is wrong but, here are my thoughts so far....
Since Studio One works fine (very responsive, very fast) then how can it be my firewire card or my hard drives or any of the hardware?? It just seems to me that it pretty much has to be something with CbB not compatible with "something"???
This is like, the 5th computer I've set up for DAW use over the years and, it is the most frustrating one ever!

rodreb
Please, correct me if any of this is wrong but, here are my thoughts so far....
Since Studio One works fine (very responsive, very fast) then how can it be my firewire card or my hard drives or any of the hardware??

I agree. You've got another DAW working fine with the same hardware, so the talk about "you need more RAM," "you need an SSD" is kinda....well, I'll leave it at that. If Cakewalk "needed" your computer to have an SSD or more than 16G of RAM to run smoothly I wouldn't even be here because I would consider such a program to be poop.
 
One of my computers is an aging Dell notebook with an i5, 5200RPM drive, and 4G of RAM, and Cakewalk runs just fine on it. My main system has 8G of RAM and at the moment my projects are on a 5200RPM drive, and I don't get the blue frisbee when I hit the start button. Your new system is a friggin' dreadnaught compared to mine.
 
You say that the problem started happening at a certain time on your old system, so it seems very likely that something changed in your configuration at that point.
 
Call it a hunch, but there's a page in Preferences called "Sync and Caching." I don't understand 90% of what it says on that page, but the words "pressing play in Cakewalk will" kinda jump out at me. Why don't you take a look at that and see if you or someone else poked around in there and checked the wrong box(es)?

Euthymia - I was messing around with different settings tonight and in Sync and Caching I checkmarked Enable Read Caching and Enable Write Caching and BOOM Cakewalk is running with almost no hesitation! I have always been under the impression that you should NOT enable these but, it has certainly helped in my case. It's not perfect, there is still an extremely slight pause when I hit play but, not much at all. (Still, Studio One has no hesitation at all but, I just cannot get comfortable with it).
Anyway, after I discovered this, I came here to post about it and found your post. You must have been reading my mind. Ha ha!
Now, I have no idea why this helped or if it's a horrible no-no to do and will mess something up or something?? I do know, it's making things useable for me.
If anyone knows what this setting does and why I seem to need it enabled, please, let me know. 

There is not a lot on that particular setting, but is referenced in the manual:
 
"Enable Read Caching and Enable Write Caching. Choosing either of these options lets SONAR use the Windows disk cache while reading or writing audio data. SONAR will usually perform best with all caching disabled, which is the default setting. If your computer has an older IDE disk controller, or a disk controller that does not use DMA transfers, enabling caching may improve SONAR’s audio performance."
 
For your machine, this should not be required, but may link back in some way to the "migration" notice you were receiving earlier.

Right. I have never enabled that before. Also, my hard drives have "Enable Write Caching On The Device" enabled. Is that correct or, could that be causing my problem.

remember that with write-caching enabled, if you have a crash there's a chance your last save(s) haven't yet been flushed to the disk so you risk losing work
/fwiw

Do you have a Nvidia  video card ?
If yes, try a not actual  driver.
 

Pragi - Yes, I do have an Nvidia video card. What do you mean "a not actual driver"?

I really don't know if that "Device Not Migrated" message on my audio drive can actually cause problems or not. Anyway, I wish I could figure out how to fix it, just to eliminate one more question. I'm considering physically disconnecting it and reconnecting it or, completely reformatting it and reloading all the data.