Is the M-Audio Audiophile recognized in the SS Preferences? You may need to power down the Audiophile and restart Sound Studio if it does not appear. The other night I had a similar thing happen and my UA-5 was not being recoginized by SS. It turns out that the UA-5 battery had drained down. I plugged in a new UA-5 Battery restarted everything and SS recognized the UA-5.
Good Luck!
Tony