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Is it the same for streamed media within your browser? Is it the same across all user accounts? I know it sounds obvious (excuse the pun), but have you checked the sound settings in System Preferences? What sort of machine do you have? Do you have external speakers? 🙂
 
No sound with QuickTime after latest update

I have an IMac G5 with Mac OS 10.4.10. When I applied the latest updates, my QuickTime sound stopped working. The sound works fine for iTunes and iMovie.

I thought it might have been something in my preferences, so I defined a new user and tried to use QuickTime to play some videos that worked OK before the QuickTime update. The sound was also missing when used by the newly defined user.

It looks like the updated QuickTime is not recognizing the audio section of the video because the audio adjustment tab on QuickTime is grayed out. I thought that it might be in incompatibility between video imported with the previous version of QuickTime, so I imported some video using the updated QuickTime, but got the same result.
 
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