Please, please help me !!

I have just installed reason 4.
I use cubase on the same computer no problem.
The reason asio sound test was fine.

The problem is the sound is about 5 beats delayed from the drum beat.

i.e So i fill in a drum kick on beat 1 of the redrum, but i dont hear the sound untill beat 5 , so it's always delayed.

I don't have a clue why, any ideas? - much appreciated.

You should have very little latency with asio. One thing to chek is the buffer size. Set it as low as possible without noise. In preferences, go to the audio page and select "control panel" and you will see the buffer settings.

Joe