Engineering has delved into your report. We display the missing sound card error message if either of two conditions are met:
1. A Direct Sound init failure due to the sound card truly missing
2. Microstudio's player CDR and CDROM drive list code fails to find any devices
In the case you reported, condition 2 caused the error and thus the message to appear. This is erroneous as we should allow playing from the hard drive if at least a sound card is available. We will address this and solve it quickly.
Great job! We really appreciate your report. It will make Microstudio more robust!