It should, I have 3 of those mothers as well and I had winxp x32 and after that winxp x64, and after that I upgraded all systems to win7 x64 and in all this configurations the realtek audio worked perfectly.
Be sure audio is enabled in bios
Be sure you downloaded the correct driver version ( win7 drivers wil not work in xp, but I want to believe you already know that)
check if the audio works by attaching a headphone on the back of the mother and then to the rear input, if it works, then your speakers may be damaged or not properly attached.
specify more details please about your system if non of this works