Howdy, have cubase 6.7 32 bit. Ik multimedia pkg. Midi records fine but audio will not. Also now speakers will not give sound though show working. I must have pushed something wrong have been working on it for 2 days no progress. Please advise!!
Did you check your connections (f4) ? Make sure your output bus is connected to your audio interface output.
Or do THE very lame thing of checking every single knob in the audio- and powerchain… Saved me some trouble more than once. 
First of all, check selected audio device (ASIO driver) in the Device > Device Setup > VST Audio System. Set ASIO driver here (not any Full Duplex, not Dorect X).
Then, check Buffer Size settings. You can find this in the same window. Under the VST Audio System, there is the name of the ASIO driver. Click on it, and find “Control Panel” button. Click on it, and find Buffer Size, or Latency. Try to set value in the middle.
Check your output connection in the Devices > VST Connections [F4], in the Output tab.