The problem:
On some machines using Windows 7, 8, and 8.1 music in game will play but the Sound Effects will not.
The issue
the sound card had an override. This can happen for a variety of reasons; music software was installed, a mic was installed, update was done to sound card, new speakers were installed.
The fix:
Go to Control Panel; click on Sound icon (box should open up).
Click on Playback.
Select Speakers.
at bottom click on Configure.
Set it so that it matches your speakers.
Click Next until it Finishes, then click OK to close out. Sound Effects should now work in Drakkar.