The voltage coming out of the adapter doesn't change. However, what a loose connection can do is increase the resistance enough such that it causes the connection point to heat up to the point where it damages the surrounding area. But I think it'd have to be really loose for it to reach that point.
If there were any voltage from the charger going into the audio system 1. the audio system would likely be fried immediately since laptop chargers tend to hover around 20V and audio chips I'd imagine are at most 3.3V these days, maybe 5V at most and 2. if the voltage was going into the head phones they'd also probably blow up, but otherwise you wouldn't hear a sound because DC produces a flat line and you need a waveform (i.e., an AC signal) to make a sound.