Did you check to see if it's enabled under Options/Audio?
Everything was done as you say...and all options have been checked. I'm assuming that it has to do with my mobo's onboard sound. I've even updated the drivers. Nothin. I hear no one, and no one hears me(those that I have asked). I've cruised the BF2 forums and haven't found a solution...so I will continue to bark at people from my keyboard.