Have you double checked that nothing has changed in Options-dialogue (Project-settings) compared to your old projects?
Are we talking about MIDI or audio?
If old projects sound fine we know it's not your soundcard or anything technical, but a software setting somewhere, a setting that is not global, but affects only new projects..
We can't see inside your PC so you just have go through the setting one by one. Also make sure the track outputs are correct/the same as in the old projects.