Fresh reinstall of XP will not solve the problem,, it will just create serious downtime, the fault is related to Cakewalk, so uninstall the program, restart the computer, then follow this link to download a program called Reg Cleaner, http://www.majorgeeks.com/download460.html run the program, follow instructions to clean out old registry entries, then restart your computer and finally install Cakewalk.
Create a system restore point before running Reg Clean.
Hope this helps.

Bill