Did you get sound in others games or is this one only? The test option doesn't make anything here, so this is not a problem. I suppose you've also check the XA sound options in the plugins, you've DiretcX installed and got a working DX compatible sound card then. Sometimes a BIOS works better than others, so give a them a try. Also try to mount the ISO with Daemon Tools instead of direct load it, but I think this won't make any difference with this game as doesn't use CDDA.
Othewise I think your ePSXe config might be scrambled. Use Regedit, look for every "ePSXe" entries and delete them.
Hope it helps