I have been looking around the forum but could not find solution. I have experienced something similar on Cubase 5 where I could not hear audio… same on 8. I can not select anything except GENERIC ASIO driver and I don’t have any other choice. DO I need some additional driver? I have included screenshot. Thanks for the help!
Please list your system specs and specifically the ASIO audio device you have (or are trying to connect to).
Regards 
Comp Specs:
Windows 7 professional 64bit
i7 4790k 4.0GHz,
Msi GTX970 4GB DDR5,
ASUS Z97-PRO (Wi-Fi),
16GB Corsair Vangance DDR3-2400,
I dont have sound card, using motherboard realtek sound for stereo speakers but i do have 2 PreSonus E5s l (currently trying to find decent audio interface)
Take a look at this link. It recommends that you download and try the free asio4all driver.
BTW… I too have a Realtek audio card that came with my PC (not on the motherboard). I never could get it to work correctly with Cubase do to very high audio latency. If yours does not work, search to find/purchase a ASIO capable USB audio interface. They cost about $100 (even less, I’ve seen them on sale for $49-$79).
Good luck. 
Regards
Thank you for the feedback!
I will try that website and hopefully it work but I also just remembered that I still have an old Creative Lab Audio Card Extreme Music from 2006, should work… I hope
I was looking at Behringer UMC202HD or Scarlett 2i2, Behringer is now $80 while Scarlett $150. Seems to be decent deal for the money.
That website worked! In business!
Cool… Enjoy. 
Regards.