Ok, problem solved...at least this one...I know there will be plenty more...But the cakewalk tech help gave me this explanation plus a bit of help from chuckebaby..
Problem/Questions: How to hear sound from MIDI.
Solutions: Go to Insert | Soft Synths -> Cakewalk TTS-1. In the Insert Soft Synth Options, make sure the box for Simple Instrument Track is checked, then click OK.
Next, select the Cakewalk TTS-1 Track so it displays in the Inspector
Go to Edit | Select -> All to highlight all of your tracks.
Then in the In/Out section of the Inspector, click the lower of the two drop boxes (for output) and choose Selected Track Outputs. Drop the box for MIDI Outputs and choose Cakewalk TTS-1 and hit OK. This will then change all your MIDI track outputs to go to the Cakewalk TTS-1 which will output as audio.
Don't understand why it works, it just does and now I can control my volume...Thanks everyone for helping out, I'm sure I'll be back for more soon....