HELP!! No sound in Parallels 7 for Mac!!

Great! It's usually something simple.

For the future, since my first problems with Parallels I've realized that what has worked for me is that every time I get an update I'll copy everything to a backup drive, disconnect everything from the USB ports (drives, iPhone, printer, etc.), close all programs, reboot, THEN do the update. After the update I'll reboot again and then start opening everything. To this date I haven't had a problem after 3 updates.