Well thank you Luca my imac was set to 44kHz and after I changed it to 48kHz my itunes music tracks sounded slightly distorted and the alert sounds didn't return after logging out and rebooting.
In my Sound Preference Pane the only button that works (ie emits a sound) is the output volume - I can hear the music from any video or any music file either on or off line, but no Alert Sounds, except the two in Mail, one for in-coming mail and the mail-sent sounds, but no other Alert Sounds.
I had grown used to the alert sounds and really miss them.
In the Sound Preference Pane the;
Play alerts and sound effects through,
bullet menu is is grayed out ??
I have searched this and a number of other forums including Apple Discussions and have found not a single mention of this problem, so it may be hardware problem, any further suggestions would be appreciated, thank you.