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First, what Martian said: can you see that sound is captured?
I'm not really sure about Cubase, I'm going to assume it's similar to Sonar.
You'll have to make sure that your master buss is set to playback through the Lexicon device.
The master buss is sort of like another track in Cubase. Then Cubase has to route that to the appropriate output.
Make sure your newly recorded track is then pointing to the master buss.
Track->Master Buss->Audio Device
You should also make sure that the Lexicon is routing it's outputs appropriately. I'm not familiar with the device but it should have some sort of simple setup or mixer that's completely different than Cubase.
Finally, post your specs: hardware, OS, etc. What driver are you using, ASIO, WDM etc.? This is probably set up through Cubase on some properties page somewhere.
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