If I remember correctly, then your Soundblaster only supports a sample rate of 48000, which explains why the default sample rate box is grayed out with 48000 as the only option. So you need to use a sample rate of 48000 in your arrangements. If you do this, do you get the error message saying it couldn’t initialize at 48000?
Also make sure there are no other applications running that uses the soundcard. If an application is using the soundcard it may prevent Podium from initializing the soundcard.