Conexant Higth Definition Smartaudio HD2 Cod. 1

This device is not configured correctly. (Code 1)

Your "Compaq Presario 700" notebook series does not support "High Definition Smartaudio HD2 drivers". Most probably wrong drivers installed to your notebook.

Your "Compaq Presario 700" Notebook Series audio are probably:-
1. ADI SoundMAX Audio Driver for Windows XP
or
2. ADI 188x WDM Audio Driver for Windows XP ( ie if OS is XP)

You can download the drivers @ http://h20000.www2.hp.com/bizsupport/TechSupport/ProductList.jsp?locale=en_US&taskId=135&prodTypeId=321957&prodSeriesId=96403

Select your Model & OS to download your required Drivers.(To find the exact model, use the "Service Tag" No. to do the search).
Uninstall your previous Audio derivers before installing the downloaded Audio drivers

Hope it helps.