No idea if you found an answer to this one, but I've got a Speedlink Vigo USB Sound Card running with a Sheevaplug at the moment (having remembered I bought it to try). I installed mplayer and it's happily playing a bunch of mp3s as a test. It appears to have configured the alsa driver, despite attempting to connect to pulse first.
I patched it through the sound input to my main PC because it was easier than digging out a spare pair of speakers, and there was horrible mains hum until I hooked a decent earth to the Sheevaplug (I plugged the USB console lead between the plug and the PC

) and now it's fine.
They're available for just over a tenner if you want to try one.
syslog reports
Jun 2 21:23:01 carenath kernel: [614143.320000] usb 1-1: USB disconnect, address 2
Jun 2 21:23:05 carenath kernel: [614147.370000] usb 1-1: new full speed USB device using orion-ehci and address 3
Jun 2 21:23:06 carenath kernel: [614147.520000] usb 1-1: New USB device found, idVendor=0d8c, idProduct=000c
Jun 2 21:23:06 carenath kernel: [614147.530000] usb 1-1: New USB device strings: Mfr=0, Product=1, SerialNumber=0
Jun 2 21:23:06 carenath kernel: [614147.530000] usb 1-1: Product: C-Media USB Headphone Set
Jun 2 21:23:06 carenath kernel: [614147.540000] usb 1-1: configuration #1 chosen from 1 choice
Jun 2 21:23:06 carenath kernel: [614147.630000] input: C-Media USB Headphone Set as /devices/platform/orion-ehci.0/usb1/1-1/1-1:1.3/input/input1
Jun 2 21:23:06 carenath kernel: [614147.640000] generic-usb 0003:0D8C:000C.0002: input,hidraw0: USB HID v1.00 Device [C-Media USB Headphone Set ] on usb-orion-ehci.0-1/input3
Perhaps you can point me at the squeezeplay package because that's what I'd like to run as well - I couldn't find anything really obvious for ARM, but I haven't looked too hard.