I ran into this, but you do need the module-init tools installed, untar and configure. The reason my sound (same sound card) was not working was my ALSA was out of date, so I upgraded it. You could try compiling the sound into the kernel rather than as a module.
Also 2.6.x uses modprobe.conf, not modules.conf when you install module-init-tools, there is a shell script for generate-modprobe.conf, did you miss this step out by any chance?
From the README in the tarball...
3) If running for the first time, you might want to convert your old
modules.conf to modprobe.conf:
hope this helps