Did you reboot after selecting "Do Nothing" under the communications tab?
Here's some ideas.
Right click the MS speaker icon in the task bar, select playback devices.
"Speakers" should have the green check mark as the default communications device.
Single left click "speakers", the configure and properties buttons should become active.
Select properties... go to the levels tab and make sure all of your levels (Center...etc) are up, you will have to scroll down to see all of the level settings. Also look at the enhancements tab, select Immediate mode first then try disabling the "Loudness Equalization" enhancement. Again, you may have to scroll down the list.
Back up and select the "Configure" tab, make sure it's set for your speaker system.