Hi Ryan,
I called Blackmagic and they were able to help me. Mistake on my part. I was trying to hear the audio through the back of the computer instead of using the XLR output jacks that are on the monster cable that came with the Decklink Card. Once I connected my external speakers to the actual Decklink cable XLR connectors everything was fine. Hope this is your problem. You also need to set a couple options within CS4 under the preferences in the Audio sections that tells CS4 to use the Blackmagic Audio.