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Following the acquisition of certain assets and the complete set of intellectual property of Cakewalk Inc. from Gibson Brands on 2/23/18, BandLab Technologies announced the relaunch of SONAR as Cakewalk by BandLab - available free-to-download to all BandLab users worldwide.
Next launch Cakewalk, go to Edit > Preferences > Audio - Driver Settings and change the Audio Driver Bit Depth to 16. Change Default Settings for New Projects to 44100 Hz for the Sampling Rate.
After making these adjustments, click the Wave Profiler button. In some instances, with certain audio hardware configurations you may be prompted with an audio driver error dialog box during this process. This is nothing to be concerned about. You will have to exit Cakewalk, re-launch, verify the settings you made in the Preferences dialog box, and click the Wave Profiler button again. When you can successfully run the Wave Profiler without an audio driver error, proceed to the next step.