The thing is, as you said the problem seems to be the unsupported Open AL.
But even the newest driver for the Audigy 2 NX does not support this
technology.
Do you happen to know if it is possible to deactivate the Open AL in game
(i.e. by editing a .ini file)? I have once heard of this way to get a game
work but I am not sure if it will work for Fable.

I will get my laptop back in a week and then I can try it out by myself. If
I am successful I will post it here for all people, who do have the same
soundcard as I have.