Let's start with the basics. We need the spec of your computer and the version and variant of MEP you're running; both of these, especially info on your computer, are very relevant here, since the error message means that either there is no "sound device" in your computer (and you have no external audio interface) or that MEP cannot see and use it or that its settings are wrong!
Specifically: "waveform device none" means MEP cannot find a device capable of reproducing the audio on your video (without an "audio device" which MEP can use, playback is not possible); "a device ID has been used that is out of range for your system" usually means that there is a mismatch between the sample frequency of the audio of your video and the sample frequency that your sound device can handle or is set to handle.