Hello,
I did some more experimentation today. If I boot off of the CD (v143 32-bit) and configure sound using ALSA, it works fine. However if I install to hard drive using the exact same settings I get some weird behavior.
Upon first boot after install, ALSA appears to start. Then a few lines after that, it says "Starting OSS" which succeeds (?!?). I figure that OSS should not start if ALSA is being used for sound. When attempting to run MAME after this boot, I do not get sound.
If restarted, on the next boot (and subsequent boots) ALSA fails to load saying it can not find any hardware configuration. Of course, I am unable to get sound.
Since it works fine when in LiveCD mode, it's possible that there is something the hard drive install does that causes sound to not work.