If you are using ASIO, go into Preference | Drivers | ASIO Panel and try a setting of 1024 (which I think is 7 or 8 on the slider).
 
I keep that number low when tracking to avoid latency (delay) but set it higher when mixing to avoid crackles and drop-outs.

Thanks for all the reply's guys, I really appreciate it.
 
I run off windows 7. For my sound card I use line 6 ux2. Also, my hard HDD is 7200rpm. I made sure to get it for audio production.
I think BEEPSTER is right. I'm guessing the project is corrupt because nothing seems to work and other projects are working fine. Unfortunately, I saved the project but never (SAVED AS), so I dont have a recent saved copy of the song from before this went bonkers,...sad face. I have to start from the beginning. damn. Lesson learned the hard way. Unless I can try JIM ROSE suggestion , copy/paste all the performance data (tracks/clips) into a new empty project. Anyone reading this, Take Beepers advice, always (SAVE AS) after big changes. As, JIM.ROSE mentions, The issue could stem from my sound card, or latent plug ins (which I wouldnt know which plug ins would be more latent heavy then another, unless someone specified). However, My other projects work, so I cant see that being the source.
On that note, What do you guys think about the line 6 ux2? Fair, Good enough, Better then expected? Anyone ever use this sound card and have come across issues? I really like that it comes with pod farm. Or any opinions on suggested sound cards that you guys have loved.
 
Most important question is how do you copy/paste all the performance data (tracks/clips) (with insert effects)  into a new empty project. Or can you only copy/paste performance data and not insert effects. I want to try this first before I start over.
 
 
 
 

If you happen to have the auto save feature on I think you may be able to retrieve an earlier version. I'm not sure how that works though because I've always just used Save As. All may not be lost. Look in the manual under "auto save" or maybe one of these kind fellows can point you in the right direction.
 
Good luck.

Oh and you said you had already copied over the waves to a new project and it worked so you could use that or do it again. As far as the effects... maybe you could try to save each track's PC strip as a preset and load those in the new project. Again I have never tried that so I'm not sure how well it will work. It will be a hassle no matter what though if you can't get back to a previous version. Cheers.
 

Beepster you've been a great help. I'm going to try what you've mentioned above and see if it works. However I'm thinking I will have to start from the beginning. I will now save all work as separate files for now on to never have this happen again. Only when I am done with the song I will keep three copys of it. The dry copy, and two final copys just to ensure that I have back ups. kinda smart now that I think of it.
 
Thanks again!!