The simulator crashes when trying to play audio.
13:22:14.211 App [2965:5603] <0xb03e7000> Error '!obj' trying to fetch default input device's sample rate
13:22:14.211 App [2965:5603] <0xb03e7000> Error getting audio input device sample rate: '!obj'
13:22:14.213 App [2965:5603] <0xb03e7000> AQMEIOManager::FindIOUnit: error '!dev'
Selecting "internal microphone" instead of "Soundbooth 3.0" in the sound system settings for input did the trick.
Conclusion: The simulator does not seem to like anything other than the internal microphone.