Solution:

1) Open the 'Device Manager', and select the 'View devices by type' radio button.
Device Manager
2) Double-click on 'Sound, video and game controllers' in the 'View devices by type' list box.
3) Double-click on the sound card driver. (The sound card driver 'Properties' dialog box appears.)
Sound card Properties
4) Click the 'Resources' tab, and, if the 'Use automatic settings' check box is selected, clear it.
5) Select the 'Direct Memory Access (DMA)' resource in the 'Resource settings' list box, and click 'Change Setting...'. (The 'Edit Direct Memory Access' dialog box appears).
DMA
'Edit Direct Memory Access' dialog box
NOTE: Most sound cards use two different DMA settings (one DMA is used for digital sound effects and the other is used for MIDI functions).
6) If you do not know which DMA is causing the conflict, view assigned DMA values to determine which DMA is involved in the conflict. The DMA involved in the conflict will have a yellow circle with a black exclamation mark in its center on its icon.
7) Select a new DMA from the list of available DMAs in the 'Value' drop-down list box, and click 'OK'.
NOTE 1: If you have a real mode driver loaded in the AUTOEXEC.BAT for the sound card, you will need to make changes to the real mode driver to reflect the DMA setting change in step 7). Refer to the sound card user manual for instructions on how to configure a real mode driver for the sound card.
NOTE 2: If the 'No modifications allowed' message box appears, this resource cannot be changed and you will have to change the DMA setting on the other device that is configured to use this DMA value.
'No Modifications Allowed' dialog box
8) Click 'Yes' to restart Windows 95.
'System Settings Change' dialog box