For what it's worth, I am running Cakewalk PA9 on Windows ME with absolutely no problems. My setup is a Dell PIII 733 Mhz, 256K memory, 30 Gig 7200 rpm IDE drive, CD Burner, and a Delta 1010 Sound Card.
However I only use the system exclusively as a DAW - no games and no other apps per se. I use the Win98 Drivers for the Delta Card and they work fine.