Since I use s/pdif digital audio among my VST System Linked computers, for which I was using Steinberg's suggested 'ring network' - that is s/pdif out of the 1st PC, in/out of the 2nd, in/out the 3rd, etc, etc, then back into the 1st PC in a daisy-chain - I decided I didn't want to daisy-chain (ring network) them, and came up with the idea to use an s/pdif distribution amplifier, this way I could send out of one PC, to all other PC's simultaneously. This way the latency is reduced down to just going from one PC to the others, rather than the accumulated latency in & out of several computers. (wasn't noticeable with 3 PC's really).
After researching, I discovered what I needed was a 'Matrix Switcher'...which allows me to choose from 5 computers 'which can serve as the master' at any given time, and which others will be serving as slaves. I had been suggested some professional units that had s/pdif, but decided on an audio/video unit. The Shinybow SB-5588, 8 IN/8 OUT. I'm only using this unit for it's coaxial s/pdif I/O's, which works perfect. Got it used, fairly cheap too!

All 5 of my computers audio interfaces have s/pdif, and run each cards s/pdif I/O's into this maxtrix switcher. Whichever I choose as my 'master' I set it's sound card's sending clock signal to 'INT', the slaves receiving sound cards clocks set to 's/pdif'. After pressing a few buttons on my matrix switcher for routing, all machines respond to all transport commands, and follow the clock source. They can also send digital audio, and even midi if I wanted. To test accuracy, I send a midi track out of one PC, through the matrix, into another PC to record it, and the received midi was recorded perfectlt on the grid. But I always record my midi tracks directly into my dedicated VSTi machines.
Another benefit to using a matrix switcher distribution amplifier for the s/pdif signals, is I can choose to not have all 5 machines on, like I would have to if using the 'ring network' eg; if say I wanted to use PC#1 & PC#4 when in a ring network (daisy-chaining)... I'd need PC#2 & PC#3 turned on to complete the signal chain, etc. The matrix switcher allows me to choose which PC's, and the number of PC's I want to run at any given time. One more benefit is with an 8X8 matrix switcher, I could have up to 8 PC's running simultaneously. And if I had a 16X16 matrix switcher, I could have up to 16 computers... one as master, simultaneously sending clock & digital audio to15 of them as slaves as I choose. But really, 5 is too much as it is.
To make general monitoring simple in my set up, I run all PC's main analog L/R audio out into my main PC's audio interface/controller/mixer, which is a Tascam FW-1082 and can be used even without the PC turned on if I want in a stand-alone mode, a monitor mixer to listen to all PC's audio simultaneously.
To make my post relevant to this topic... you can use your Cubase 5 (and/or any other Cubase versions) on another computer & run a master/slave(s) set up.

