Please look here:
Start menu -> Settings -> Control Panels -> Sounds and Multimedia -> Hardware tab -> Audio Codecs -> Properties button -> Properties tab.
You should have IMA ADPCM Audio CODEC and Microsoft ADPCM Audio CODEC listed. If not, then you need to reinstall these.
Go to
Add Hardware ->
Add new device ->
I will choose the device ->
Sound, video and game controllers.
Click
Have Disk.
Click
Browse in the Install From Disk dialog box and open the folder C:\Windows\System32 or C:\WINNT\System32\.
You should see mmdriver.inf. Select it and click Open.
Click OK in the Install From Disk dialog box.
If you see a warning about logo compatibility, just click Continue anyway.
Now you should finally see a list of audio codecs. Amongst the other items, you should find Microsoft ADPCM Audio Codec and IMA ADPCM Audio Codec. You need to install them one by one so select either of these and click Next. This should re-install the codec (you may need your Windows XP CD and might need to restart the computer before the codec works). Repeat the procedure for each codec for which you need support.
EDIT: This answer has been updated using information from
here.