I have recorded three files using the two-track mastering template. They were recorded from a digital source, using the SPDIF input of my interface. The audio is in the Pool, the files open and display the audio in the project window, but nothing comes out when I attempt to play.
I can open the Pool and try to preview the audio, no output. I can open the audio in iTunes and it plays through the interface. System sounds play through the interface.
However, none of these files give any indication of levels at the meters within Cubase or at the interface. At one time at least one of these files played properly. What could've gotten reset to cause this?

Permissions repaired, the discs check out fine. Where is my patchbay when I need it?
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Quicksilver G4, dual 1GHz, 1.5MB, OS 10.4.11
Cubase LE, Alesis io14

Sorry to hear you are having issues with Cubase. The bottom line is that the program is riddled with unresolved bugs and unroadtested hotfixes etc etc I have been stuffing around with Cubase 4 for two years now and when problems such as yours occur you will be advised to reinitialise your preferences and you will lose your templates and have to start again. I am no guru..just a humble muso trying to achieve simple midi and audio outcomes , and if you investigate this further you will see that many true beleivers in Steinberg (such as myself using the platform since 1990) have finally given up on Steinberg and traversed to Logic if you are a universal binary mac person..save yourself all this stuffing around with this tech blah and buy Logic..it works..and you will be happy !! Good Luck in your journey.