It appears to be failing at set_format(). I'm using PA 0.9.6 on Ubuntu Gutsy. Revolution cards are a severely broken experience with Pulseaudio, as not only can I not use PA, I can't even use regular ALSA because PA is set as the default ALSA device. Let me know if you need more info
E: shm.c: shm_open() failed: Permission denied
W: core.c: failed to allocate shared memory pool. Falling back to a normal memory pool.
E: module-alsa-sink.c: Entering Alsa Sink
W: alsa-util.c: Set rate and access!
W: alsa-util.c: Failing at set format!
E: module-alsa-sink.c: Failed to set hardware parameters: Operation not permitted
E: module.c: Failed to load module "module-alsa-sink" (argument: "device=hw:0 sink_name=alsa_output.pci_1412_1724_alsa_playback_0"): initialization failed.
E: module-alsa-source.c: Failed to set hardware parameters: Operation not permitted
E: module.c: Failed to load module "module-alsa-source" (argument: "device=hw:0 source_name=alsa_input.pci_1412_1724_alsa_capture_0"): initialization failed.
(I added some extra debug messages)