I am 99% certain that it's Update KB2962407 that is causing the problem. When I uninstalled just that update, presto, my sound is back and has stayed OK now for the last couple of days. Tried various things like using headphones, playing music etc. Microsoft's site reports issues with this too. And yes, I'm sure it's the part of the update that talks about "idle audio devices shortening battery life."
For those who mention installing Windows 8.1; I have now tried to do that twice, and each time it messed things up so badly I had to totally wipe out my computer and start all over. I have an HP Envy 4-1115dx; each time, immediately after I installed 8.1, I started getting "Power Drive Failure" messages and the BSOD again and again. Checked with MS, checked with HP, no solutions, so I am sticking with Windows 8.
BTW, I also see people talking about having to System Restore to get rid of the Updates; easier to go to Windows Update. On the left, View Update History. On the top of that screen, click on Installed Updates. Then just right-click the update you want to uninstall. Works great.
Hope this helps. I am going to just manually update from now on and NOT choose that one. I suppose they will fix this sooner or later.