Can't hear previously recorded take

Hi - When trying to punch in, as soon as I hit "Record" the previous take is muted even in the pre roll area. I have tried selecting/deselecting Allow Quick Punchin, Auto Input Monitoring and Input Monitoring Only for Focused Track in Preferences and nothing seems to make a difference. This behavior seems to have begun suddenly. I don't want to delete my plist pref since all my Favorites will be deleted which have taken me hours to audition and select (if anyone knows how to export even a text file of Favorites I'd love to know).

Am I missing something or is this a bug? Thanks so much for your help.

Dean

MacBook Pro 2.53Ghz Duo/4Gb/10.8.5/LP 10.0.7