Although it is visible, Ubuntu cannot fully configure my sound card.

And I too am having this problem on gutsy with my SBLive and no sound. 

I have tried a clean installation of Dapper, Edgy and Feisty. All exhibit the same problem

ubuntu gutsy
model : CT4760 SBLive!
 
The modules are loaded:

$ lsmod |grep snd
snd_rtctimer            4384  0 
snd_emu10k1_synth       8192  0 
snd_emux_synth         35456  1 snd_emu10k1_synth
snd_seq_virmidi         8064  1 snd_emux_synth
snd_seq_midi_emul       7680  1 snd_emux_synth
snd_emu10k1           137248  3 snd_emu10k1_synth
snd_util_mem            5760  2 snd_emux_synth,snd_emu10k1
snd_hwdep              10244  2 snd_emux_synth,snd_emu10k1
snd_seq_dummy           4740  0 
snd_seq_oss            33152  0 
snd_seq_midi            9600  0 
snd_rawmidi            25728  3 snd_seq_virmidi,snd_emu10k1,snd_seq_midi
snd_intel8x0           34972  0 
snd_ac97_codec        100644  2 snd_emu10k1,snd_intel8x0
ac97_bus                3200  1 snd_ac97_codec
snd_pcm_oss            44672  0 
snd_mixer_oss          17664  1 snd_pcm_oss
snd_seq_midi_event      8448  3 snd_seq_virmidi,snd_seq_oss,snd_seq_midi
snd_seq                53232  9 snd_emux_synth,snd_seq_virmidi,snd_seq_midi_emul,snd_seq_dummy,snd_seq_oss,snd_seq_midi,snd_seq_midi_event
snd_seq_device          9228  8 snd_emu10k1_synth,snd_emux_synth,snd_emu10k1,snd_seq_dummy,snd_seq_oss,snd_seq_midi,snd_rawmidi,snd_seq
snd_pcm                80388  5 snd_emu10k1,snd_intel8x0,snd_ac97_codec,snd_pcm_oss
snd_timer              24324  4 snd_rtctimer,snd_emu10k1,snd_seq,snd_pcm
snd_page_alloc         11400  3 snd_emu10k1,snd_intel8x0,snd_pcm
snd                    54660  17 snd_emux_synth,snd_seq_virmidi,snd_emu10k1,snd_hwdep,snd_seq_oss,snd_rawmidi,snd_intel8x0,snd_ac97_codec,snd_pcm_oss,snd_mixer_oss,snd_seq,snd_seq_device,snd_pcm,snd_timer
soundcore               8800  1 snd


$aplay -l

**** List of PLAYBACK Hardware Devices ****
card 0: I82801BAICH2 [Intel 82801BA-ICH2], device 0: Intel ICH [Intel 82801BA-ICH2]
  Subdevices: 1/1
  Subdevice #0: subdevice #0
card 1: Live [SBLive! Platinum [CT4760P]], device 0: emu10k1 [ADC Capture/Standard PCM Playback]
  Subdevices: 32/32
  Subdevice #0: subdevice #0
  Subdevice #1: subdevice #1
  Subdevice #2: subdevice #2
  Subdevice #3: subdevice #3
  Subdevice #4: subdevice #4
  Subdevice #5: subdevice #5
  Subdevice #6: subdevice #6
  Subdevice #7: subdevice #7
  Subdevice #8: subdevice #8
  Subdevice #9: subdevice #9
  Subdevice #10: subdevice #10
  Subdevice #11: subdevice #11
  Subdevice #12: subdevice #12
  Subdevice #13: subdevice #13
  Subdevice #14: subdevice #14
  Subdevice #15: subdevice #15
  Subdevice #16: subdevice #16
  Subdevice #17: subdevice #17
  Subdevice #18: subdevice #18
  Subdevice #19: subdevice #19
  Subdevice #20: subdevice #20
  Subdevice #21: subdevice #21
  Subdevice #22: subdevice #22
  Subdevice #23: subdevice #23
  Subdevice #24: subdevice #24
  Subdevice #25: subdevice #25
  Subdevice #26: subdevice #26
  Subdevice #27: subdevice #27
  Subdevice #28: subdevice #28
  Subdevice #29: subdevice #29
  Subdevice #30: subdevice #30
  Subdevice #31: subdevice #31
card 1: Live [SBLive! Platinum [CT4760P]], device 2: emu10k1 efx [Multichannel Capture/PT Playback]
  Subdevices: 8/8
  Subdevice #0: subdevice #0
  Subdevice #1: subdevice #1
  Subdevice #2: subdevice #2
  Subdevice #3: subdevice #3
  Subdevice #4: subdevice #4
  Subdevice #5: subdevice #5
  Subdevice #6: subdevice #6
  Subdevice #7: subdevice #7
card 1: Live [SBLive! Platinum [CT4760P]], device 3: emu10k1 [Multichannel Playback]
  Subdevices: 0/1
  Subdevice #0: subdevice #0

I am happy to provide any more information.