The codec options in TS are for locally testing your voice quality as they would sound with the different codecs. The true codec you run is set by the host server.
If I run a TS server at a Speex 12.3 codec, irregardless of what your settings are as a client you will be running the speex 12.3 codec if you join my server.
I have had a few squaddies have the same issue as Bosco, it was solved by having AH using wav sound, while you set TS to use Direct sound.
IF that dosnt work, then switch them, by unchecking the AH use wav box and setting TS to use wave sound.
This has fixed every squaddie with the problem, we had quite a few.
Hope this helps,
<S>
Joe Savlan