Cakewalk Professional and Pro Audio will sync to external SMPTE/MTC, but the Korg card does not translate the proprietary ADAT sync it is receiving at the ADAT
sync-in port into MIDI Time Code. So until the Korg driver is able to do that, and passes the MTC to Cakewalk via a driver selectable on the Input side of Options |
MIDI Devices, you will have to use another method.
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Why do I get pitch fluctuations or audio pops when under SMPTE sync?
If you are using a digital card, try selecting "Uses Wave Out Position for Timing" under Options | Audio | Advanced. Also, try using the different SMPTE/MTC sync
options available here (High, Normal and Freewheel).

To make sure that you get the best possible audio quality while recording or playing back audio to an external clock, always use a simple procedure that will allow
Cakewalk to "catch up" with the clock rate of your external gear: Start off each new session in Cakewalk by playing some audio under SMPTE sync; let it play for 30
seconds at most, or until all audio pitch fluctuations have stopped.

Pops and clicks could be caused by a poorly written wave driver. Every time an audio event is encountered, the wave driver is opened (which can cause a click/pop
with poorly written wave drivers). So, to make sure the wave driver is only opened once, try to combine all the audio events in the Audio view. Make sure you're using
the latest wave driver for the sound card. Also, it may help to compact the audio data and defrag the hard disk.