Hey,
I recently had the same problem as you, I reinstalled windows XP, and lost my audio. The most likely cause of this is because XP Didn't supply your sound drivers, the files might not have been found on the XP Disc during the Installation.
Try going to Start > Control Panel > Printers and other hardware and on the left hand side near the top click "add new hardware" and see if it finds your sound card. From there you should be prompted with the normal installation window you see when connecting devices like camera's and thumb drives. Also let your computer connect to the internet so it can search for the drivers online.
If this does not work, Then try the following:
Start > Control Panel > Performance and maintenance > System and click the "Hardware" tab, select "Device Manager" and look under "Sounds, Video and Audio Controllers" and see if one of the devices has a yellow question mark next to it, instead of the normal speaker. If your sound is listed as "C-Media AC97 Media Device" then I can most probably supply you with the drivers. If not, right click the device with the problem, and click uninstall. And then try installing it again, seeing if it can locate the drivers either online or on your computer. Also have your XP Disc and the disc drive, so your computer can search on there also.
That is about as much information as I can give you, unless you can provide me with the following information:
Your computer make (Compaq, Dell etc.)
Your computer Model Number
Your Motherboard serial code
If however your the device with the problem happens to be "C-Media AC97 Audio Device" then PM me, because I can supply you with the drivers
I hope this helped.