I had exactly the same problem. No sound card was detected by my system.
Same symptoms as stated in this bug report.
I did a purge of pulseaudio and a reinstall, now my sound is back.

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cat /proc/asound/version
Advanced Linux Sound Architecture Driver Version 1.0.18rc3.
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aplay -l
**** Liste von PLAYBACK Geräten ****
Karte 0: Intel [HDA Intel], Gerät 0: AD198x Analog [AD198x Analog]
  Untergeordnete Geräte: 1/1
  Untergeordnetes Gerät '0: subdevice #0
Karte 0: Intel [HDA Intel], Gerät 1: AD198x Digital [AD198x Digital]
  Untergeordnete Geräte: 1/1
  Untergeordnetes Gerät '0: subdevice #0
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uname -a
Linux Horus 2.6.28-15-generic #48-Ubuntu SMP Wed Jul 29 08:54:56 UTC 2009 i686 
GNU/Linux
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soundcard not found in ubuntu 9.04 
https://bugs.launchpad.net/bugs/409942
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