Oh, unfortunately all the info I could find didn't help me =(
I run DOSbox 0,72 and M.A.X setup succesfully autodetects either Sound Blaster or GUS emulated (and provides clearly played sound samples), but the game itself doesn't produce any sound at all! Only sometimes a bit of crackling. Noticed - if I disable PC speaker emulation in DOSbox- the crackling is gone.
My system: laptop by Acer, 1,6 GHz Celeron M 420, 1 Gb RAM, Realtek audio, Intel Graphics 950. XP Pro SP2 with all updates.
I tried to use emulation of only SB/only GUS with no result, and switched off all the things I don't need- emulation of joystick/disney sound/tandy.