Chosen Solution
A few days ago. I played music too loud (at the max volume). It was working fine. But now, the eMac chimes but the internal speakers don’t show up in control panel. (I am running Mac OS 9.2.2, and yes it is a 700Mhz eMac, so it is compatible!) I only have Mac OS 9 installed at the moment.
There is very little which you can fix on this system. As the sound preferences are not showing up I would try resetting the PRAM Reset NVRAM or PRAM on your Mac and given the systems age you may need to replace the PRAM battery eMac PRAM Battery Replacement If that doesn’t work you damaged the DAC logic on your logic board. Which would need a new logic board.