Update: 1-14-2011
After combing several forums, I stumbled across a solution for the headphones. 
It comes from an older ubuntu os,but the problem was similar. However, I cannot 
confirm, or deny if the microphone works.

The newest part to the solution, is:
Adding the following line to etc/modprobe.d/alsa-base.conf :

options snd-hda-intel model=ideapad

hope this helps someone else

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https://bugs.launchpad.net/bugs/696888

Title:
  No Sound Intel 5 Series/3400 Series HD Audio

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