Do you have mismatched bit depths in the audio files in your projects? I had a similar problem with projects saved as bundles when I upgraded to Win 7. The culprit was some files were recorded/rendered at 44/16 and others were 44/24. Try opening the project in safe mode, bypass all your plug-ins and you should at least get the song to open, if any files are "missing" the bit depth mismatch may be your problem. I believe this was an issue with Microsoft where they changed some things in Win 7 that caused problems that Cakewalk didn't fix until version 8.5 or so.