ViCosta: EDIT: After restarting the OS (Win7 x64) and trying to figure out the audio issue stated
<span class="bold">here</span>, I got back to not being able to run it without setting the compatibility option as I described above.
I don't have such audio issue, music seems to work fine both in menus and gameplay. This is a relatively fresh Windows 7 installation where I haven't installed any extra audio codecs or such by myself (because in the past when I used to do that, I used to get odd audio problems in different applications and games, like watching some video and the audio levels and balance were all wrong...).
However, I think that in the audio options to audio was for some reason targeted to SPDIF digital audio for some reason. I changed it to default audio. I had this issue also in Descent 3, where the whole game was first silent because it was using SPDIF by default, but changing it to default sound fixed it and now Descent 3 sound works fine too.