Here's how I've been overcoming this issue. For some reason, every time I update Cakewalk, TTSLAME.dll and CJLibrary.dll become corrupted. You can spot this by looking in the C:\Program Files\Cakewalk\Sonar Platinum directory where you will see that the file size for these two has changed 0 kb.
To fix this the first time, I used the Command Center to reinstall SPLAT.
Before going any further, I copied the entire directory into a backup folder.
Now, if I get the error message, I simply recopy the backup files into the SPLAT directory. This will get you backup and running. It's a plus that I usually won't have a repeat occurance until the next round of updates.
I've seen quite a few post regarding this issue on the Forum lately. So, you're not the only one having the issue. It might be something the bakers want to look into.
I hope this helps you get up and running