No sound!! What is wrong!?

It could be a hardware issue or perhaps a driver/software error occurred. Head to Acer's support site (found in sticky thread at the top of the forum), select your model and download/install the audio driver. If that doesn't solve it, it could be a hardware issue. Seeing that you recently bought the netbook, it should be covered under the factory warranty. All you'd need to do is contact Acer and they'll have you send it in. Either that or you can return it to where you bought it.

Thank You very much for your help. It looks like I will end up having to take in my netbook, but I was hoping I could avoid that... Oh well.
Anyway, thanks again!