Skip the easy stuff that you already know, but you might pick out something you may have forgotten, this is how I always set up a new project:
Go to devices -> VST connections, and configure your input buses, make note of the name of your virus input channel (ie 'Stereo In 2')
Go to devices -> Device setup.. and click on VST Multitrack on the left.
Make sure Direct monitoring is unchecked.
Check your other settings while you are here.
Add an audio track in your main window, and in the track inspector (bar on the left) set your input and output channels.
Check the monitor icon and play something! Press F3 and check the levels on the mixer to see if the sound is going through or not.
Hrm, other than that, I cant really help you. Make sure you have the right ASIO driver selected?
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