It looks like an RMA to use the ASUS Dead Pixel Policy is your only alternative, unless the retailer will exchange your unit.
You can use Windows 7 System Restore to restore to an eariler time, just like in XP. However, you need to have an earlier restore point on the system. If you have multiple earlier restore points, you can try one, and if it fails to resolve the issue, undo it and try another. As in XP, "Start-Help and Support" will allow you to search for articles on how to use System Restore.
"Control Panel-System and Security-Power Options" should get you to where you can change the lid close functions.
I've installed the free version of Creative THX TruStudio Pro and configured it to start in External Speakers mode. The "Built-in Speakers" setting of the original THX TruStudio (the default on boot) does have low volume and tinny sound. You can update it to remove this problem setting, but I found it returned when I updated my Realtek Audio driver. Which is why I then installed THX TruStudio Pro.
If you uninstall THX TruStudio, the Realtek HD Audio Manager will then display an equalizer in the Speakers "Enhancements" tab. You can try adjusting volume there to see if you would prefer to NOT install THX TruStudio.
G74SX-A1 - stock hardware - BIOS 202 - 2nd Monitor VISIO VF551XVT