Hi Tim,
I have solved it w/ the help of Adobe. I had uninstalled the program and reinstalled it w/out success and then re-initiated my drive w/ the directory defaults… basically the way it was shipped and reinstalled the Master Collection. This still did not do the job. So Adobe Tech support to the rescue. We spent about 20 minutes and then the support rep asked me about audio.
I do not have any audio attached presently, this is a new machine and I am just capturing all my footage so I did not have any need to get speakers yet, or so I thought.
The rep had me check the Audio settings under audio hardware, ASIO settings. It was set to modem. Now I don’t know how this setting was changed, but it was and that was the issue.
Hope this helps someone in the future.
Doug