I have an Intel i7 860, Windows 7 64-bit, 4 GB RAM, 2.3 TB setup with Premiere CS4 Student edition. I also have a Blackmagic Intensity capture card.
When I choose a Blackmagic preset for the Premiere project and play anything in the timeline, no audio is present out of my program monitor. At first I thought this meant that Premiere was set to send audio and video out the Intensity, but I changed the Edit->Preferences->Audio Hardware to Premiere Pro WDM Sound instead of Blackmagic Audio. Still no dice.
However, I get audio perfectly fine in the source monitor. Why is that? I also cannot hear anything out of my speakers when I am capturing using Blackmagic capture settings.