Just a quick suggestion, did you play with the mixer in Prefs?
Funny story, I was getting all pissed off 'cause my sound wasn't working from my Amiga. Well, I have a receiver connected to both my PC and my Amiga, and DVD/6Ch input is set up for the PC and CD input is set up for the Amiga. I had it set to CD, but no sound was coming out, I was starting to get frustrated.. then finally figured out it was because I had turned off the speakers (it has the A or B set of speakers to switch between) I had been using my headphones through it, and forgotten to push the A button for that set of speakers again!
Also, and this may be a bit dumb, but do you have headphones plugged into it? Would explain why it's really low, until you turn it up really high... Yes... I've done that before too...
slaapliedje