Yes, you own a license to use the software, you don't own the software. Can you use the software? Have a read of the EULA, you might be surprised.Whats the EULA? well it's that thing you agreed to when you installed the software.
All the people talking about Law Suits and Class actions today, I don't think Gibson were just bouncing around from wall to wall and all of a sudden came up with the idea out of the blue "
Hey, lets shut down Cakewalk", and then wrote out the statement and posted it. I think it would be a pretty safe bet that they have Lawyers advising them of what they can and can't do, what they can and can't get away with, but by all means have it I say, just don't be surprised when you are laughed at or just spat out the other end.