On my system (Vista), when I go into the Volume Control, I have volume sliders for applications as well as file types. In other words, not just sliders for WAV, SW Synth, CD Player, but sliders for the application as well (iTunes, Media Player & Media Center, in my case).
This may be different for your XP setup.
If it's not a volume mixer setting for the application, it may be a setting for the sample bit size/sampling rate for your device.
What happens when you go into Control Panel, Sounds & Audio Devices, Sounds tab and try to test play different sounds? Those are all .WAV files, (which I assume the mouse click is, too) - can you play all of those? The Windows system sounds are 16bit files, but only at a 22KHz sampling rate.
What USB DAC device are you using? It seems funny that your device selection is for "USB Speakers"
What software player are you using and what file type, bits and sampling rate are you trying to play?
Steve