I don't have any music or sound effects in either of the Underworld games. In options the music and sound is set to on but no sound. Now when I load up any of the other games in the series (I purchased all the Ultima games except 8 and 9) the music and sound works perfectly.
Next I would like to know how to check the stats of weapons and armours. How can I tell if this hand axe is better than this dagger?
I'm having slight trouble getting the controls down as I'm not a PC gamer at all until recently but I think I will use as many commands on the keyboard as possible and only use the mouse when needed.
I'd contact support about the issues with sound. I don't know how to help you there.
For weapons, generally pick a weapon class (sword, axe, mace, hand, missile) and add new skill points to that type. Then use a weapon of that class. There isn't much value to trying to use multiple classes except maybe missile + melee, and even then I'd just use a melee weapon and find a way to close with your target. You can use the length of time it takes to charge a full attack as a rough gauge on stronger weapons in a specific type (ex. Battle axe takes longer to fully charge than Axe, so the battle axe is stronger). I'm not sure where the special, named weapons fit in, and I don't usually use either missile weapons or mace class weapons.
Swords: Broad Sword > Long Sword > Short Sword > Dagger
Axe: Battle Axe > Axe > Hand Axe
For your first play through, I'd recommend going with the sword class weapons.
For armor, Plate > Chain > Leather > Nothing. Stronger armor class is heavier (forcing a trade-off in protection versus weight). So while Plate provides significantly more protection than Leather, it is also much, much heavier so you can't carry as much other stuff. Weak characters may not be able to make use of plate at all, since they need to carry other things.
Afaik, there isn't a way in-game to check the specific stats of weapons or armor, only the general wear and tear the item has (Excellent > Serviceable > Worn > Badly Worn). Any weapon or armor that is Badly Worn should be repaired if you want to keep that specific item. A badly worn dagger can be easily replaced by a different dagger though.
EDIT: Corrected a wear and tear label (should be "Serviceable", not "Slightly Worn").