I am getting an error when I open a past project from vegas 9 that says "An error occurred while creating a proxy file for a stream. An error occurred while writing the file. Make sure you have write access to the file/ folder."

This happens while making audio peaks, there is still sound where the audio is but no visual peaks. I have tried deleting the .sfk files and reopen the project but that didnt work. I am running windows 8. Need a solution.