The files that I play on my pc are either .avi or .mpg. There's no "Stereo" or "5.1 settings" since I'm not using my DVD player.
I reduced wav to around 50%.
I decreased the volume on the "rear speakers" even though I have only right and left stereo desktop speakers.
I increased "front speakers" to about 90%.
I also changed the setting from livingroom to room and it seems to have taken some of the tinny sound out of the audio.
Subwoofer is up to about 75 to 80% (I don't know what a subwoofer is though).
Mic Volume is up to 90%. There's no "Main" volume setting.
I can't get Media Player Classic to play any of the files now. I uninstalled it and reinstalled it but it's still not working . . . don't know what's going on there but a reboot might solve the problem.
Thanks all of you for your help. If you have any comments about the setting changes, please feel free to let me know.