Here's a thought - if you have the CD player playing through the CPU (via Windows Meeja player or some such, then it will be a Wave device. If you have the CD playing directly to the sound card (sane), then it is a CD device.
In the former case the Wave slider will control the CD volume (in reality the WM player).
I find that the CD player utility from Windows 2000 functions nicely in XP - if you have access to it!
SD