I suddenly realized that my sample plot on the timeline, didnt match the audio coming out of the speaker. Its a totally dismatch. Its waveform where it is is no sound, and no waveform where it is sound. Yes my configuration is like it has been the last ten years and the other projects are ok. I have checked the project and file settings and both show 48khz.
When I do matchframe the clip on my timeline and look how the sample plot looks like on the original clip using the green button below the timeline (source/record toggle) the sample plot match 100%.
The waveform cache may need to be deleted and redrawn as there have been some issues reported with certain versions of the application. Not in front of a system right now to tell you where they are exactly.