To STRESS the above, you MUST run lower cycles because of a bug in Borland's CRT.ASM (Pascal?) which is a library file. This file runs a loop, times it, and uses that for timing information. But computers above a Pentium @ 200 MHz would complete the loop so fast the number would be zero and a divide-by-zero occurs.
Finally got the sound working in v0.74. (2011-02-10 20:40)
This has to be one of the weirdest things I've seen using DOSBox. Setting joystick t "2axis" instead of "auto" gets the sound working. Why is that? Be my guest.