/etc/init.d doesn't have alsasound or anything related to sound. So after some googling I found out that FC6 (and some say FC5 too) does not ship with alsasound script anymore. So just this morning I grabbed the file alsasound from a fc4 machine and placed it in /etc/init.d and did chkconfig --add alsasound and all went fine. Now the hibernate script takes care of restoring sound through
RestartServices alsasound
in /etc/hibernate/common.conf. Thanks biophysics for pointing out the alsasound stuff. The problem is solved now and I'm much happier