http://bugs.winehq.org/show_bug.cgi?id=14700
--- Comment #3 from Athrun samurai_no_densetsu@yahoo.es 2008-07-31 08:18:53 --- Ok, lets see, I supose that you only have selected ALSA in winecfg audio tab, otherwise it will use OSS or what if find first by default.
Also you should check that your card is well suported at http://www.alsa-project.org/, updating kernel not ever fixes sound problems as kernel usually stays two versions away from the current stable one from alsa-project.org, so maybe you will have better luck building latest alsa, instead of upgrading kernels.
But as far I know, almost every user here uses ALSA with no issues with LOTRO, and myself played LOTRO with ALSA for months without a single problem, so I think that your problem is more related to your card, setup or drivers, than to Wine.