I know this problem... I went through this and it took me a long time to guess what happened. Slackware comes now with ALSA support which will be kernel builtin from 2.6. But the ALSA support installed is meant to the standard slack's pre-compiled kernel. When you recompile your own kernel you'll have to go through uninstalling old alsa (alsa-driver, alsa-lib, alsa-oss, alsa-utils), downloading sources and recompiling ALSA. Every time you recompile your kernel is mandatory that you recompile your ALSA support to the newly compiled kernel. You can grab the sources at:
ALSA PROJECT. the nedeed sources are alsa-drivers, alsa-lib and alsa-oss(if you need oss emulation in any way)