From the Mame FAQ:
Mortal Kombat II / Mortal Kombat 3 / Ultimate Mortal Kombat 3 NBA Hangtime / NBA Maximum Hangtime 2 on 2 Open Ice Challenge
The volume for this game is TOO LOW!
When the game is running, hit F2 to get to the internal service menu. Hit F2 again to "close" the service switch so that you won't get stuck in the menu. Now, navigate to the "Volume Adjust" option (following the directions provided) and adjust the volume. It's best to keep the volume no more than 80-90% filled as it might cause your sound to be overdriven and crackle. When adjusted, simply exit the menu.
I realize you got your answer. Just posting this from the official source so if someone searches for this, they will see it.