The speaker is in the lower right as it should be. The one I'm talking about is the bigger on with the slide bar indicator, that appears on the desktop, not the icon tray.

Start

Control Panel

Sounds (Click on Sounds)

Volume Tab

Put checkmark in box that says "Place volume icon in Taskbar"

 

You should be able to right click the speaker icon and choose,open volume control. If this is not an option go to this site click on letter v and scroll down to volume and see if anything in there will fix your issue. http://www.kellys-korner-xp.com/xp_abc.htm

I may have misinterpreted your issue but you will also find the volume control in your all programs list under accessories/entertainment/volume control.  Good luck.