Thanks to a gentleman in Japan, my problem was traced to an IRQ conflict between the SB16 Emulation mode and the parallel port.

From Contol Panel, System, Device Manager, I went to the "Creative Miscellaneous Devices". From there, I selected the "Creative SB16 Emulation" properties. Under the Settings tab, I chose NOT to allow LPT Interrupt Sharing.

Now I can fly FMS with full sound on my Dell P-III, 866mhz, with the Sound Blaster Live Value card, and running Windows ME. It works great!!!

Thanks Shinichiro!!!!!