rodreb
I loaded a Cakewalk demo project and it plays perfectly, no hesitation whatsoever. It is 44.1k / 24 bit. I run 48k / 24 bit. Could this possibly be the cause of my issues?
Yes. Yes. Yes-yes. This test you ran. It was a very smart thing to do.
I think we have a winner here. There may be some mismatch problem with the bitrate settings with your interface and your project and Cakewalk. Load up the problem project and go into Preferences and check the driver settings and the audio data settings, and also, check the control panel for your Pro 40 and see if it's set to default to 48K. Also go to your Windows audio settings and make sure that it's set to 48K.
If you are working in 48K, everything should be set to 48K. Otherwise it'll continually be switching back and forth. I've seen this happen.
Also, check the source audio files in your project and see what bitrate they are, if they are all 48K or if maybe one or more is 44K or something else.
That time last year when these problems started, was that when you started working in 48K? Or maybe a setting got changed in your interface's driver?