Which version of Home Studio are you working with?
What exactly do you mean by "chip noise"?
The "chipmunk" sound referred to in this thread is caused by playback at a higher sample rate.
If you are hearing a fairly rhythmic stutter, it is caused by your sound card.
Any Cakewalk software I have seen defaults to WDM driver mode, which rarely agrees with built-in sound cards.
Switching your driver mode to MME usually helps, but the latency will be fairly high. It is ok for playback, but if you plan on doing any real time recording, you will probably want to start looking for a decent interface.