First, create a sound in the Library/Sounds directory in your home directory. This can be anything, but NOT one of the built-in sounds. Just grab something short from the internet. Use something you don't like. Honest.
Open System Preferences and click Sound to display its preferences.
In "Choose an alert sound" pick the sound you just created.
- While you are in System Preferences | Sound, do the following:
- Uncheck "Play user interface sound effects"
- Uncheck "Play feedback when volume is changed"
- Uncheck "Play Front Row Sound effects"
After closing this window, go back to your home directory and DELETE the sound you just created. If you put it in the trash, empty the trash.
Now OS X will flash the screen slightly whenever an alert sound would have occurred. It is a subtle, but a sufficient alert. Now, sound in applications (like Cubase) will be completely unaffected.