I have a SB Live 5.1 card, Windows XP Pro, and the latest SB driver installed (SBLive51XPDrvUpdate.exe). The volume is extremely loud. I have set the volume control slider all the way down to the very first notch and it's at least bearable that way but still sounds like it's on around 5-6 on a scale of 10. If actually DO turn the volume up to 10, I can hear the aquarium bubbles from a couple houses down.
As Marvin Gaye once said: "What's going on?"