Cubase 7 and M-Track Plus

Yes you can, use ASIO4all if you’re on PC or aggregate device if on mac. A quick Google search should help you set up either one.
However, it would be better to get the output from your mtrack working. Sorry if this sounds stupid, but did you connect your speakers to the Mtrack outputs? Did you check VST-connections in Cubase to set up your in and output busses?