If you have an 'Analog Mix' or 'AC97' mixer element(s) for your SB Live, setting the Playback to 0 and muting both (or the relevant existing one for your codec) should resolve this issue.
If you have an 'Analog Mix' or 'AC97' mixer element(s) for your SB Live, setting the Playback to 0 and muting both (or the relevant existing one for your codec) should resolve this issue.