Yes, go to Device Setup in cubase and make sure the presonus ASIO driver is selected (and not your built-in audio). Then add a mono audio track, and make sure the input on the track is also set to the presonus input.
If you are able to do that (ie, the options are available) and you still don't get sound, you may have to unmute the input or output in the presonus mixer software. This is assuming the presonus driver is installed correctly and all that (check device manager make sure its there with no errors).
Good luck
btw, there are pictures of this whole setup process at
http://www.presonus.com/pdf/inspire1394manual10.pdf under the Cubase LE section.