Did you happen to add effects to the project recently? Some effects are meant for mixing/mastering, and not for real-time use while tracking. Some of these either use a whole bunch of CPU and/or use look-ahead processing, and can introduce instant latency.
You could try loading the project, then hitting the 'E' key on your computer keyboard, which toggles off/on the bypassing of all effects. If you pops/crackles/dropouts go away after bypassing effects, then you know that one or more of these are contributing to latency problems, and you can begin evaluating these to determine which are causing this.
(hitting 'E' again will toggle effects back on, so you can do all of this just for testing purposes, without hurting anything)
Bob Bone