If you have a Creative Labs Sound Blaster Live! 5.1 card, windows 7 (and I think Vista) will not pick up drivers for the card, rendering it kind of useless... Creative Labs is not supporting these operating systems with new drivers, BUT, if you have one of these cards like me, you want it to work. Don't throw the card away just quite yet... There is actually a fix for getting the sb live to work on Windows 7.
Basically, you can do the same thing as my Intel 865 video driver post. Simply download the XP drivers for the Sound Blaster Live! 5.1 and install them. One guy said he had to set his install file to "Windows XP" compatibility before it installed right (I did this just to be safe), but it does work.
I actually found the "fix" from Nerd Fortress so I give him props on blogging it first. He also goes into detail a bit on why XP drivers work with Vista and Win7. If you are having problems getting things going, you might check out his comments for some tips.
I will say that I have noticed a few "pops" and "clicks" here and there but I had the same problem at times even on XP... I think it's just the nature of the (drivers) beast.