Although I could hear the opening music I couldn't hear sound effects during the game. Here's how I fixed it.
Go to your sound volume control and right--click select "Playback devices"
Under the first tab "Playback" find your device and click "properties"
Go the the advanced tab and try default format 16 bit, 48000 Hz (DVD Quality).
This is default on my system but I had changed it to avoid sound popping/crackling in King's Bounty.
Good luck!