This one seems to be another common problem - it seems that Windows 8 itself treats the sound balancing section of Speaker Properties as a balancing value, whereas games and Youtube treat it as a volume level.
The latter is a problem because it actually cuts off sounds (so you can't hear speech, but you can hear the background music, for example), and sound in general is distorted.
The only way around it so far is to make sure one speaker balance value is less than the other - you then get a proper stereo effect in games and YouTube, but not Windows...
I've have this happen on two Windows 8 machines so far (and with both Realtek internal sound processor and Creative Audiogy PCI card).



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