Sounds like a possible audio card/driver issue. This is a general audio issue CHECKLIST, and I would look into the settings in Audio & Audio Hardware. If all looks good there, make sure to update your audio driver. If things are not fixed, I'd look into ASIO4All (linked in that article), and make the appropriate settings in Audio Hardware>Advanced>ASIO Settings.
[Edit] For more discussion on ASIO, this Wiki-Pedia article might prove useful.