Comment 59 for bug 34831

Try this:

sudo rmmod `lsmod|cut -d' ' -f1|grep snd_`
sudo modprobe snd-seq
sudo modprobe snd-emu10k1
sudo modprobe -r snd_seq_virmidi

By the way, which SB Live! do you have? I have a 5.1, I've read that 'Value' ones are buggy.

http://ubuntustudio.com/wiki/index.php/Audio_Hardware