WaveLab has no access to the sound card when used as the external editor for old versions of Cubase.

In many cases ASIO drivers that do not support multiclient ability can be held responsible.

Solution: Go to the Options menu in Cubase VST and disable "Play in Background". The driver of the Audio Card eventually offers the option to enable multiclient ability. Switching the ASIO device to Multimedia should fix the problem as well.

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