I believe that this question has been asked about 104 times now.
You need to download and install the drivers from realtek.com and then tell Windows to update.
Also a read of the Forum Posting Guide would help you.
Searching the forum from google.com using sound problems in window 7 site:forums.virtualbox.org will bring up a lot.
Sorry about that
I installed guest additions so I thought I do not need to install another drivers.
My sound device on host is fine on vista guest too but I still get this error at the start of virtual machine.
This could be caused by the way Windows 7 RC is calling things and also that SMP is so new to VirtualBox.
You may want to wait a little and see what happens once Windows is officially released, but play with it and see if you can pin it down a bit and then get back to us.