have you added an interface to be the sniffing interface and then added it to a virtual sensor (vs0)
cisco IPS software version up to 5.x support only one virtual sensor (vs0). Versions 6.x and up supports more
here is the manual for 5.x
http://www.cisco.com/en/US/products/hw/vpndevc/ps4077/products_configuration_guide_chapter09186a00804d1372.html#wp1030007
basically what you do is:
enable/assign one Sensing Port to be Promiscuous or 2 to be Inline pair
Add the enabled/assigned interface(s) to the Virtual Sensor VS0 or if you have 6.x you can use VS0 ( the default or create an other virtual sensor )
PS.
every IPS has:
at least 1 Sensing Port (allow to sniff) ans usually up to 4
only 1 Command and Control Port ( port used for communications between you and the IPS)