tip: В MediaBay (по умолчанию, hotkey - F5), есть TagEditor для редактирования путей файлов пресетов.

Но мне попалась интересная информация, на cubase.net:

If you can see your preset files in your HD, you just have to trash your preferences and restart Cubase. Cubase will find them when initialising. But you have to look into the right folder.

It resides several places, so it depends on where you look. (.....Doc & settings/appl data/username/C5/presets ?)
The question is:
Can Cubase see them; when Cubase initialises? When you remove the preferences Cubase will build up a new default preference setting and load When it initialise (Start up).
Going in Cubase application data folder and moving contents to desktop folder. I then restarted system. Pulled up Cubase and checked for presets and none werwe there. So I went to media bay and rescaned everything and now there are where they are supposed to be. The whole thing is confussing. This is did not happen when I I instaled Cubase 4 on top of Cubase SX 3.
1) Закрываем Cubase 5
2) Удаляем все пресеты по пути: Doc & settings/appl data/username/C5/presets (не забываем сделать backup, на desktop)
3) Запускаем Cubase 5 и ждем пока он перестраивает всю информацию о пресетах.
4) Если пресеты не появились сами, то заходим в MediaBay (F5) и делаем rescan в ручную: