trogdor said:first go to 'devices'...'device setup'...then VST multitrack.
make sure that the driver selected is the one for whatever soundcard you are using.
then close that box...and hit F4 to bring up the VST connections box. Click the 'inputs' tab. There should already be one bus created. click in the column on the right to select the spdif input.
then create an audio track, and the spdif input should be an option in the track input box.