This is what I found on PCHELL and it worked:
It turns out the problem for this error lies in the Windows Audio Service, which usually starts automatically when the sound card is installed and working. However, in this case the service was turned off. Follow the instructions below to reactivate the Windows Audio service.
1) Click on Start and Run
2) Type the following command and press Enter
3) Scroll down to Windows Audio in the right-hand column and double-click on it
4) Make sure the Startup Type is set to Automatic and click on the Start button under Service Status. The Windows Audio service should restart and the error with the volume control should be resolved.