... Other people have had this problem. I don't think they found a solution.
Try different Sound Accerleation settings, maybe one of the 4 will work. Just type dxdiag, in the run menu of windows and go to the Sound Tab.
With Win98 you would uninstall and reinstall Windows Audio Compression in Mediaplayer, in Add/Remove Programs on the Windows Setup Tab, and that would fix it....but that function isn't in WinXP.
Does the volume bar in the game work? Is it set to zero?