I'm experiencing the same problem.
I also discussed this further in a forum at
http://ubuntuforums.org/showthread.php?t=1113630
Here's more info, if you need any more information please let me know.
ch...@ubuntu:~$ cat /proc/asound/cards
0 [Intel ]: HDA-Intel - HDA Intel
HDA Intel at 0x58540000 irq 16
ch...@ubuntu:~$ lsmod | grep snd
snd_hda_intel 381488 4
snd_pcm_oss 46848 0
snd_mixer_oss 22784 1 snd_pcm_oss
snd_pcm 83204 3 snd_hda_intel,snd_pcm_oss
snd_seq_dummy 10884 0
snd_seq_oss 38528 0
snd_seq_midi 14336 0
snd_rawmidi 29824 1 snd_seq_midi
snd_seq_midi_event 15232 2 snd_seq_oss,snd_seq_midi
snd_seq 57776 6
snd_seq_dummy,snd_seq_oss,snd_seq_midi,snd_seq_midi_event
snd_timer 29960 2 snd_pcm,snd_seq
snd_seq_device 15116 5
snd_seq_dummy,snd_seq_oss,snd_seq_midi,snd_rawmidi,snd_seq
snd 63268 16
snd_hda_intel,snd_pcm_oss,snd_mixer_oss,snd_pcm,snd_seq_oss,snd_rawmidi,snd_seq,snd_timer,snd_seq_device
soundcore 15328 1 snd
snd_page_alloc 16136 2 snd_hda_intel,snd_pcm
--
audio broken with update
https://bugs.launchpad.net/bugs/330335
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