Without a Creative card you probably want to use a DLS instead of soundfont.
I think that there are two ways of doing this... it's "only" been something like six years since I last touched FF8 - that's why I'm not sure at all.
Anyway, the Final Fantasy VIII Configurator claims to be able to manage soundfonts (probably DLS files as well) and the .sgt files (those would be the songs themselves in MIDI format).
And if that fails, it would seem that there are instructions for manual install on the FFSF page; check the right column. The part about DLS is under the heading "Windows 2000 and other soundcards".
I suppose that Samuel's DLS might be a good one to start with. Grab the big file (smaller ones are updates) and the SGT package (it has modified songs) as well. And then... eh... install.
Good luck.
Seriously though, I hope that someone with more recent experience might explain this bit better.
PS. As for that error... no idea what that is about, sorry.
So if we don't have a creative card, we shouldn't mess with the soundfonts? Okay. I did find some "instructions" with the configurator, though that tends to give me trouble as well. However, the configurator won't load any of the DLS things.
I got Samuel's to install and all, that seems okay (My mom really liked the improved one on the FFSF page, but I have no idea how to make *that* work as I keep getting an error, even though it could be because I tried to patch the already patched Samuel's one...and it can't be the read only error since it wasn't read only).
I'm ignoring the error that I got for now, as I've got too much to do to worry about that (including a botched Christmas present for my sister). I wish I could get that orchestral version that I found on FFSF, since that is right up my alley, but since the configurator just won't load that, I don't know what to do.
On a side note, could someone PLEASE tell me how to exit FF8? >< It doesn't have a 'quit' option like ff7 does...and I do admit that I haven't actually PLAYED FF8 except once on the PC, since I'm more of a 7 girl, so I can't remember what key combination quits the game.