Anyway.. you said you have an Audigy (not sure which though). I know that for some reasons (which imo can only either be onf of the usual cases of openAL misconfiguration or creative harcoding it), alchemy has been reported to process proper reverb only with original creative hardware (which is, not even after you bought MB3)(thanks ZanQuance!)I have not a really established rationale behind these claims yet, but I guess there might be the possibility that if your board is one of those that processed EAX in software it may also fall under this issue.
This is why Daniel Kawakami patched oryginal ALchemy 1.00.08 to work with any hardware, not only Creative. It is not different ALchemy. It's the same but without hardware-check, so he called it as "universal". There were no "universal" editions released for newer ALchemy editions. Currently "Creative ALchemy Universal 1.00.08" should be forgotten becouse it does not work with current Win7 for example. You should use latest Creative ALchemy 1.45.03, not outdated 1.00.08. And if you do not have Creative based sound hardware, you can cheat ALchemy a little to force him to think that indeed you have Creative hardware without having it at all. 2b1af7f3a8