1.01 8/23/2010
These options control the various sounds in the game. They all seem to take effect immediately, no restart required.

Music Volume
Default: 50
The volume of the background music in game.
Event Music Volume
Default: 50
Controls the volume of music played during special events, such as a notice of a quest.
Ambiance Volume
Default: 25
Controls the volume of environmental sounds like wind, birds chirping and so on.
SFX Volume
Default: 50
Sets the volume of all non-music sound in the game.
Enable SFX
Default: Enabled
If turned off, all sound effects are disabled.
Enable Music
Default: Enabled
If turned off, all background music is disabled.
Enable Event Music
Default: Enabled
If turned off, no special event music plays.
Enable Ambient Sound
Default: Enabled
If turned off, disables background sounds.
Speaker Configuration
Default: Stereo Speakers
Sets how many speakers Elemental uses for rendering sound. You should change this to match your setting in Windows unless it causes a problem.