Music says it's playing but there's no sound

I got a new computer and moved all of the music from my old computer. Now when I try to play a song the equalizer moves like the song is playing but there is no sound. I've checked the obvious things like volume and mute. Any ideas?
I transferred the music using my external HD. I installed Itunes to the new computer yesterday.

Hm, maybe this will be of some help:
http://support.apple.com/kb/TS1362

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