I have Virtual Audio Cable successfully installed on my Windows Server 2008 R2 SP1 x64 virtual machine. It seem like driver works (new audio device in Device Manager group and VAC control panel works perfectly), but unfortunately if you go to Control Panel -> Hardware -> Sound there is no audio devices (neither playback or recording). And so my software doesn't see any audio devices.
It is virtual machine with no physical sound card. I connect to it using Remote Desktop.
Is this known issue? Is it possible to get VAC working on such machine?