Go to your Win 7 control panel and click on Troubleshooting. Under the "Hardware and Sound", click on "Troubleshoot audio playback" and follow the instructions. Under the same section I would try "Configure a device".
Next, go back to the "Control Panel Home". Then click on "Sound", select your audio device from the list and run a sound test. You should be able to hear the test melody on your speakers. If you can't hear it, I would reinstall the audio drivers and try it again.
You should be able to hear the test melody melody in your headphones at the same time as your speakers. If more than one audio device is shown, try each one in case you are looking at the wrong device.
If that fails you can try reinstalling or repairing the operating system. And lastly the audio device may be defective, in which case you can possibly exchange the motherboard. Or you can install an aftermarket audio card in one of the PCI slots.
What type of headphones are you using?