I just wanted to say thanks, and give a bump to this thread in case anybody else runs into this problem. My problem was a little different. Any time I tried to open the Realtek Audio Manager, it would crash, and give two popups saying Realtek Audio Manager has closed. My SPDIF output was also disabled in my control panel, and every startup, I got the RunDll32 has stopped working message. So I did as FyreFiend did. Uninstalled Realtek Audio from the control panel (Uninstall a program), reboot. Used the Soundblaster Disk that came with my Dell for full install, reboot. Then installed the Realtek driver
from my driver disk from dell, reboot. Boom! Everything is working and I'm rocking out with my SPDIF Optical out, and have full access to my audio software (Soundblaster/Realtek/Waves).
My issue was caused by my restoring my computer to "factory settings", and I guess I didn't think about the Soundblaster disk. Thank goodness I kept it!
Anyways, thanks for a great FIX thread!