Welcome to the forum.
It's likely that the program won't run well, or at all on Win 7.
When I first bought this Win 7 machine I tried to load Music Creator 2003, Music Creator Pro 24 (came out in 2004) and SONAR Home Studio 6 (2005) on it.
The only one that works is SHS 6.
Try changing your Driver Mode to MME.
You may be able to right-click the Cakewalk icon and select Troubleshoot Compatibility.
Didn't work for MC 2003 and Pro 24, though. "Incompatible Program" is the message I got.