I'm running Windows 7 64 bit and at first had no sound at all.
After installing the AC3Filter 2.5b Lite recommended above, I got sound, but with heavy stuttering during the "interactive" scenes (when you can choose what to say) and during the actual missions.
After extracting a file called "dxmci15_src.zip" that's located in the root folder of the game, all issues were gone, the game runs perfectly smooth and without sound issues.
This patch seems to be the same as the one found at wcnews.com:
"
http://www.wcnews.com/wcpedia/Play_DVD_Version_Without_DxR_Board", described as: "A patch that enables the beautiful Wing Commander 4 DVD version to be run in Windows without the Creative Labs DXR decoder hardware. All that is required is unzipping the tiny patch into the WC4DVD directory and setting the game's executable to Windows 98 compatibility mode."
I wonder why the file is in the root folder of the game but no description is included or mentioned anywhere by GOG...
Hope this helps some other people as well :)