Comment 30 for bug 440465

For people disappointed with PulseAudio - see:
http://ubuntuforums.org/showpost.php?p=8130297&postcount=25
Those scripts allow You to have a fully functional Karmic sound setup without PulseAudio.

First, execute the following in a terminal:
$ sudo apt-get purge libcanberra-pulse pulseaudio pulseaudio-esound-compat pulseaudio-module-bluetooth pulseaudio-module-gconf pulseaudio-module-udev pulseaudio-module-x11 gstreamer0.10-pulseaudio pulseaudio-utils pavucontrol
$ sudo apt-get install gnome-alsamixer alsa-oss python-alsaaudio

Then, unpack those 5 files somewhere (but it's better not to change the location later), add:
python /PATH/TO/alsavol.py
python /PATH/TO/volbar.py
(You can also run them in a current instance by pressing Alt+F2 twice and writing there those commands)

At last, open "System -> Settings -> Keyboard Shortcuts" and add a custom shortcut key named "alsa mute" and command "/PATH/to/alsa_master_mute" and assign the mute key to this command. Do the same for "down" and "up".

Instructions thanks to richie2.0. :)

P.S. Remember to change sound setup in all applications from pulse to alsa (e.g. in (s)mplayer, vlc, VirtualBox etc.).

P.S.2. I tried pulse, I used it with Karmic for a month, but it caused so many troubles for me that I decided I don't want to fight with this any longer.