I don't know what it is, but I've go the same bug. Every now and then the system sounds will "crash." I can hear sound from itunes and dvd player, but emptying trash, ichat sounds, etc are all mute. They only way I've figured out to get them back is to reboot. Even logging out and logging back in doesn't help.
Anyone got a better solution? I'm using a 24" imac running 10.4.8