I remember Windows XP having some default sound settings like "Auditorium" that will change the sound depth, add echo etc. How to achieve this in Windows 7? Basically, I wanted to add some depth to the sound when using headphones.
As mentioned in comments, this was a function of your previous sound card, and not something built into XP.
That said, you may be able to enable similar effects in Windows 7 if the drivers for your sound card provide them.
Go to "Sound" in the Control Panel (easiest way is to search for it in the start menu). Click on the entry for "Headphones" (some sound cards won't provide separate settings for headphones, so you may have to select "Speakers"). Click "Properties". If you have an "Enhancements" tab, then your driver supports changing the sound in various ways (it will depend on the driver what options you get).