At the time of writing this I tested your pong program with Standby and DBC using version 1.13 enhanced.
Though I don't experience the problem you described when I went into standby, maybe this will help:
Hardware:
I experienced a similar problem with all sound in general (not even related to DBC) when I set up a dual boot machine for windows and linux. The problem was due to having a sound card installed on a board that had a built in sound card. It had to do with what IRQ either windows or linux tried to use for the sound card. On windows I'd get major distortion (when not cold booting), on linux I'd get no sound at all. One solution was to disable the built in sound card completely in the BIOS. On windows, in the System > Device Manager, I had to remove all references to the built in sound card (assuming I wanted to use my installable one). This was for a more modern machine.
On a more ancient one, where I ran into the same problem, I couldn't disable the built in sound card through the bios, however, the sound card I had was quite old and I could "Hard Code" it's IRQ with jumpers or toggle switches. This way, I could make windows or linux not have to worry about the IRQ of the built in one but always use the hardware IRQ forced on the sound card.
My suspicion in mentioning this approach is that after standby mode, windows does a minor IRQ check at best and uses the first available resources that it finds, unlike a restart which loads drivers and system info matching it to BIOS settings.
Software:
Make sure your sound card drivers are up to date.
I believe as of DirectX 8, DirectSound was deprecated and sound playing abilities were moved to DirectMusic for the most part. Try using load music and play music to see if that makes any difference.
I'm not sure if DBC uses Windows Media (winmm.dll) to play it's sound and midi files, or the directx api (Direct Sound, Direct Music). I think it's winmm.dll. Try running this dll call. I guess I'm trying to prove if DBC's sound commands (after standby) are causing the problem, or if it's the media dll (that I suspect DBC uses) that gets screwed up when DBC is launched and makes the call to play sound. Change <filename> to the name of the wave file you want to play
winmm=1
load dll "winmm.dll",winmm
SND_FILENAME = 131072
SND_ASYNC = 1
file$=<filename>
call dll winmm,"PlaySoundA",file$,0,SND_FILENAME | SND_ASYNC
repeat
text 0,0,"press space to quit"
until spacekey()=1
call dll winmm,"PlaySoundA",0,0,0
delete dll winmm
[EDIT]
Just thought of 1 other thing:
Check your sound card settings. If it is set to play or record at anything higher than 44khz, lower it. Also check that 16 bit is the highest sound resolution. It could be that DBC (as old as it is) can't handle those higher sampling/frequency rates and when windows starts from standby, windows may not do any necessary adjustments for older software in relation to the sound card rates.
Enjoy your day.