When I run alsaconf as root, it can't find my soundcard. I have a Creative Soundblaster 16. Why doesn't it see it? Here is output of /sbin/lspci:
[root@localhost sbin]# lspci
00:00.0 Host bridge: ALi Corporation M1541 (rev 04)
00:01.0 PCI bridge: ALi Corporation M1541 PCI to AGP Controller (rev 04)
00:07.0 ISA bridge: ALi Corporation M1533 PCI to ISA Bridge [Aladdin IV] (rev c3)
00:0f.0 IDE interface: ALi Corporation M5229 IDE (rev c1)
00:10.0 USB Controller: NEC Corporation USB (rev 41)
00:10.1 USB Controller: NEC Corporation USB (rev 41)
00:10.2 USB Controller: NEC Corporation USB 2.0 (rev 02)
00:12.0 Ethernet controller: Advanced Micro Devices [AMD] 79c970 [PCnet32 LANCE] (rev 16)
01:00.0 VGA compatible controller: Silicon Integrated Systems [SiS] 86C326 5598/6326 (rev c3)

Kernel: 2.4.22-10mdk

Your lspci output doesn't show the Soundblaster, or any sound card for that matter.

Is this an on motherboard chip or a separate sound card?

I beleive it's a separate soundcard as it is plugged into a slot of the motherboard.

It doesn't appear in your lspci output, so the computer apparently isn't seeing it.

It should appear as a "Multimedia audio controller" or something similar. For example:

...
00:03.0 Ethernet controller: Silicon Integrated Systems [SiS] SiS900 PCI Fast Ethernet (rev 90)
00:0f.0 Multimedia audio controller: Creative Labs SB Audigy (rev 04)
00:0f.1 Input device controller: Creative Labs SB Audigy MIDI/Game port (rev 04)
...

Do you also run windows on this system? If so, does the sound card appear there?

It's possible that the card is not fully seated in the slot.

Are there any jumpers on the card? Are you sure that they're set correctly?

My memory with legacy hardware is not where it should be. I think your sound card is an ISA card, so the lspci may not detect it. Also I think it does not have jumpers because my ISA sound card is plug 'n play that uses a DSP chip to handle the IRQ and DMA settings. Try installing ISA utilties. If ISA utilities can not find the card, you will have to recompile the kernel to provide ISA support. Though universal kernels (the one you are using) should have ISA support.

Like what SlackMaster said it could be a hardware problem like an unseated expansion card. If that does not work, use a pencil eraser to clean the contacts on the sound card and then reseat the card. Try other ISA slots. It could be the ISA slot that is used for the sound card is not making a good contact as before.