Hi, I ran into a similar problem which it turns out I partially created myself.
I replaced my motherboard and as a result did a fresh install of Windows 7 Ultimate upgrading from Windows Vista Home Edition.
I also upgraded my video card to an Asus Geforce GTX550 Ti
Now I was ready to start installing all of my other programs,
drivers, updates etc. but the computer kept freezing after 5 minutes or less. To troubleshoot this I disabled my services in msconfig to try to isolate the problem. In doing so I somehow managed to disable my audio services and couldn't get them to start again. There was a red x over the speaker icon on my task bar and I kept getting error messages that my audio services needed to be started (but wouldn't start when I tried) and that no audio devices were installed in spite of the fact that I tried both the onboard audio and an Audigy sound card.
Here is the solution that worked for me.
First: The freezing problem-
I went into control panel/System and Security/Power Options and changed the setting there from Balanced to High Performance. I'm assuming this was necessary due to the high power consumption of the new video card.
This fixed the freezing problem.
Second: The no audio problem-
Open your command prompt by clicking Start button/All Programs/Accessories/Command Prompt
Type in: services.msc
In the list find the item named Power
Right click on it and select Properties
Make sure the startup type is AUTOMATIC then click the start button then ok to close the window.
Reboot your computer.
When it restarts you should have sound again unless you changed other settings in msconfig or made other changes. If you made other changes you may have to undo the mess you've made trying to find the problem which is what got me into trouble. Doing a system restore to an earlier point may help.
I do hope this helps someone. I scoured the internet trying to solve the problem and found clues here and there that brought me to this final conclusion. I hope that this post helps to save someone some time.
Good Luck