It took me a bunch of playing with it to get this right too:
For video, you need to start the machine in a 16-bit mode and use the Framebuffer X server. I couldn't get the SVGA one to do more than 8-bit. No problem at all with the FBdev one.
I added "vga=0x314" to lilo.conf to get it into that mode.
For sound, I had to do this:
/sbin/modprobe sb io=0x220 irq=5 dma=1 dma16=5 mpu_io=0 isapnp=0
Worked like a charm. Until I had the "isapnp=0" in there, no dice.