Fresh install of 11.10: Right after installing restricted drivers (nvidia) all audio devices disappear. Why could it be?
EDIT: Also, after disabling these restricted drivers, the audio devices (sound card, webcam) reappear.
Modern Nvidia cards that have HDMI outputs have the option of acting as a sound card (so you can get audio over HDMI). What I suspect has happened is something has detected this new sound card and has changed your audio settings to HDMI.
Open up the Sound Preferences screen and you should be able to configure it something like this:

Select the GFxxx device and change its profile to Disabled. Then select the other device (Internal Audio in my case) and set that to the sound profile you want. That should be all you need to do.
A way I found to temporarly fix it was to kill the "pulseaudio" process and wait for it to begin and to load anew. Just in case somebody else has the issue.