I use KDE4 (Kubuntu) and I've the 'right' configuration chosen in 'System Configuration'-> 'Multimedia'. But somehow still that doesn't seem to work ...well, it doesn't.
At least in my case it was an, to me, odd Pulseaudio issue. The solution or workaround for me was quite simple:
1. create, if it doesn't already exist, a $HOME/.pulse/default.pa file and put a content like:
alsa_input.pci-0000_01_0b.0.analog-stereo
where you have to put your correctly identified sound card.
2. How to identify the sound card? Well you have at least to know how many you have and, from the ones available, which you want to use for playback purposes. That you can do with the command: lspci -v. In my case I get:
~$ lspci -v|grep -i audio
00:1b.0 Audio device: Intel Corporation N10/ICH 7 Family High Definition Audio Controller (rev 01)
01:02.0 Multimedia audio controller: Creative Labs SB Live! EMU10k1 (rev 07)
which would translate to ether:
alsa_input.pci-0000_01_02.0.analog-stereo
in the case of the SB Live! card, or
alsa_input.pci-0000_01_0b.0.analog-stereo
for the Intel sound card.
3. restart pulse (well, if it's not configured to run as a system-wide sound server, just kill the current instance):
$ puslseaudio -k
Try now www.youtube.com with Firefox or GoogleChrome! (maybe restart you browser, of course)