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I had a very strange issue with not having audio at all (except for the intro movies) when starting/playing the game.

After some hours of searching, trial and error, I finally found a solution I want to share with everyone:

The game requires an installed MP3 codec named "l3codeca.acm".
The Steam Forum suggests adding this file to both
- C:\Windows\System32
- The "F.E.A.R." root folder
(maybe one of both suffices..)

The file is part of the "wmfdist.exe" (some say: "wmfadist.exe") and can be extracted by
opening this .exe file e.g. with 7-zip. However "wmfdist.exe" is not part of the version distributed
by GOG! But a little search effort directly leads to a (trustworthy) download link ;)
I installed FEAR on three machines and did not have this issue. One was on a fresh installation of Windows.