I am having the same problem on two separate projects.  When I try to bounce everything down to a stereo track, or export to a WAV file 16bit, it takes forever and saves hundreds of little WAV files of each track in the Audio folder of the project folder.  In the time bar it reads "processing audio date" instead of "mixing down audio".   Other projects seem to be working fine.  I am running X2 Producer on Windows 7 for many years.  never had this kind of problem before. Any help is much appreciated

sounds like a preference selection issue (Export options).
What are you choosing for your bounce, export options ?

Yes, it certainly does.
 
If this persists, try selecting all of your tracks and do a Bounce to Clip.
 
Now try exporting again.

Yes BJ brings up a good point.
When ever practical, you should do some house cleaning on every project. Typically this is done as you go along but I tend to do the majority of it upon project competition.
1- Zoom out so you can see your whole project
2- Right click lasso the whole track
3- Right click the track and choose "Bounce to clips"
 
This takes all those tiny fragments/clips and turns them in to one whole clip.
Then go to Clean Audio Folder and Run the Audio folder tool.
This process not only cleans up your project but also your project folder.

Thank you all very much for the help.  The bounce to clip suggestion was very helpful on one of the projects.  After I ran bounce to clip it allowed me bounce to track in the normal time.
 
When I try to bounce to clip on the other project though, I get an error message - Direct Show Error (0x8004022A). This filter does not support the current audio format.  It may require a different number of channels (eg stereo or mono) or a different sample rate.  If anybody has an idea what that is all about I'd like to hear some suggestions for the future. Not a big deal, I just waited for the bounce to track to run through the entire process and I am finished with the project now.
 
I am guessing that all of the extra "processing audio data" time is due to the fact that I broke up two of the tracks into a lot of smaller clips and then did a bunch of audio stretching.  I don't typically do that so maybe that is what was causing the extra processing time.
 
 

you can try searching your error:
http://forum.cakewalk.com/DirectShow-Error-0x8004022A-m2300719.aspx
Sounds like a codec problem, possibly a DXI plug in issue. could be a bunch of things.
Glad most it worked out for you though.

Johnny4Lonnie
"When I try to bounce to clip on the other project though, I get an error message - Direct Show Error (0x8004022A). This filter does not support the current audio format.  It may require a different number of channels (eg stereo or mono) or a different sample rate. " 
 
"I am guessing that all of the extra "processing audio data" time is due to the fact that I broke up two of the tracks into a lot of smaller clips and then did a bunch of audio stretching.  I don't typically do that so maybe that is what was causing the extra processing time."

 
Yes - audio stretching, audio snap... etc.. Sonar needs to process these before it can give you a final mix.  Its easiest to bounce to tracks.   As far as the other error... perhaps a screenshot?