Hmm... I have a MacBook Pro running OSX 10.7.2 and a WinXP Home Edition SP3.  My sound works.
I've attached a screen shot showing my Hardware Options.  Do you not have the Sound setting?  What about at the bottom of your VM window... do you see a Sound Icon?  Check Control Panel | Windows Sound and Audio Devices.  Do you see Parallels Sound Card being used?
Edit: Looks like you found it yourself while I was typing.  
					 
				
			
			
			
	
	
		
			- 
				
					
					
					
					
						
						- File size:
- 655.9 KB
 - Views:
- 8
 
 
 
 
		 
		
		
		
			
			
				Last edited: Oct 15, 2011