Preview doesn't work in the Sounds folder, but it works in Music folder.
Testing on r157 stable and r163 beta, on Chrome and Firefox.
I double-click the file name in the Sounds directory, than the "Audio preview" window appears, the timeline moves and time flies, but the sound cannot be heard.
If I move a file from the Sounds folder to the Music folder, it doesn't help.
Working with a lot of sounds is a bit of a pain. You need to reach to the list of sounds to read what the sound contains. You can live with it, but preview audio makes work easier :-)