Preface
My first thought - creative support page. Not helpful at all, at least not from the start. In the list of supported devices I couldn't even find my product. I have Sound Blaster Audigy SE. I've found stuff for SBA 2, SB X-fi etc. There's a small link below these products, I didn't see it from the start. Aaaargh :) But that link alone wouldn't save the day after all.
I'm not going to write all my unsuccessful approaches, all I can tell is a went all the way and I've seen every bloody error message from the couldn't find supported device to compatibility issues etc.
My magical procedure
Just a little joke here, no superpowers were used during the process :)
So what did save my audio experience ? Here is it :)
1, uninstall all creative software (I guess only related to the SBA, for me it was all Creative soft), uninstall audio driver (Win 7 default), reboot
2, install Vista drivers and all the software from the Creative CD (manually run the Vista stuff)
3, go to creative support page - as I mentioned above - go for link under the list of products, you'll find the SBA SE stuff there. Find your product - update driver for your system.
That's it. You're done :)
Final words
I do not claim this solution to be the ultimate solution for this problem. This worked for me but I hope this will help someone else too :)