I had the problem too, and in fact there an easy solution. When you configure the sound and cutsecenes in the
install.exe, it is not enough that you set the soundcard and it's properties there.
You need also to run the program
uwsound.exe that is located in the folder of the game, and that in DosBox so it will be able to recognize the soundcard. When you see that the settings as you set them in
install.exe appear above the choices of the program like the following:
Current settings are
sound : a Sound Blaster (detected)
speech : a Sound Blaster Pro (detected)
choose
3. Exit and Save
That's it, the inventory bug should have gone then. Be sure to start the game anew though, I know, it's nasty, but if you don't, the bug will stay in you savegame all the way along.