OK - this is the dumbest thing ever. I recently upgraded from CC to CC 2014 and now Audition won't play any audio! Spacebar - nothing...click play button - nothing. It will actually do what I'm asking it to do effects-wise, it just that I can't play, preview or anything in the program! What incredibly obvious thing am I missing?
Duh... if Audition detects that your Default Output audio device is not working, Audition does not playback and behaves as you described. Change Default Output audio device in Preferences > Audio Hardware. Although, you have probably already figured this out ;-)