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New Emu 0404 - Cant hear output

I got a new Emu 0404 for Christmas. I am a beginner to recording, so this might be a stupid question.
I have installed it and everything seems to be working fine, accept I cannot hear any output from it. I have plugged headphones into the 1/4" output, I also have computer speakers, and I cant hear anything. I can see input on the peak meter, but hear nothing. Any ideas?