You'd have to get DOS sound drivers for your card and put them on the disk too I think. Your computer prolly ain't got a PC speaker on it, a lot of the new computers don't because they are useless now with good sound cards.

I don't know about new software like partition magic and stuff, but I know with old drives you need to format before you partition (technically partitioning is part of the formatting I think) and then install both OS's. Its a good idea to have multiple drives though so you can just format one NTFS and the other whatever linux uses.