You might want to verify your Cakewalk version. In Cakewalk click on the "Help" pop down menu then select "About Cakewalk" at the bottom of the popdown. This will indicate which version you have. If you do have 7.0 or higher, click on the audio portion you want to edit. Go to the Edit popdown section and the 3rd choice from the top should be "Extract Timing". If this is an option let me know and I can give some more info.