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After some time of not using the PS2 emulator, I decided to download an updates version of it. So, after uninstalling the previous version I downloaded the latest one (1.2.1 (r5875)).
However, the audio doesnt work anymore.
Here is the full log when trying to boot up the bios/system menu:

PCSX2 1.2.1.r5873 - compiled on Feb 3 2014
Savestate version: 0x9a0a0000

Host Machine Init:
Operating System = Microsoft Windows 7 Home Premium Edition Service Pack 1 (build 7601), 64-bit
Physical RAM = 6135 MB
CPU name = Intel® Core™ i3 CPU 530 @ 2.93GHz
Vendor/Model = GenuineIntel (stepping 02)
CPU speed = 2.924 ghz (4 logical threads)
x86PType = Standard OEM
x86Flags = bfebfbff 0098e3bd
x86EFlags = 28100000

x86 Features Detected:
MMX.. SSE.. SSE2.. SSE3.. SSSE3.. SSE4.1.. SSE4.2

Reserving memory for recompilers...

Loading plugins...
Binding GS: C:\Program Files (x86)\PCSX2 1.2.1\Plugins\gsdx32-sse4-r5875.dll
Windows 6.1.7601 (Service Pack 1 1.0)
Binding PAD: C:\Program Files (x86)\PCSX2 1.2.1\Plugins\lilypad-r5875.dll
Binding SPU2: C:\Program Files (x86)\PCSX2 1.2.1\Plugins\spu2-x-r5875.dll
Binding CDVD: C:\Program Files (x86)\PCSX2 1.2.1\Plugins\cdvdGigaherz.dll
Binding USB: C:\Program Files (x86)\PCSX2 1.2.1\Plugins\USBnull.dll
Binding FW: C:\Program Files (x86)\PCSX2 1.2.1\Plugins\FWnull.dll
Binding DEV9: C:\Program Files (x86)\PCSX2 1.2.1\Plugins\DEV9null.dll
Plugins loaded successfully.

(GameDB) 9655 games on record (loaded in 249ms)
HLE Notice: ELF does not have a path.


Initializing plugins...
Init GS
Windows 6.1.7601 (Service Pack 1 1.0)
Init PAD
Init SPU2
Init CDVD
Init USB
Init FW
Init DEV9
Plugins initialized successfully.

Opening plugins...
Opening GS
Opening PAD
Opening SPU2
NVIDIA GeForce GTX 650 (9.18.13.4475)
* SPU2-X: Enumerating PortAudio devices:
*** Device 0: 'Driver audio principale' (Windows DirectSound)
*** Device 1: 'Altoparlanti (Realtek High Definition Audio)' (Windows DirectSound)
*** Device 2: 'Realtek Digital Output (Realtek High Definition Audio)' (Windows DirectSound)
*** Device 3: 'Realtek Digital Output (Realtek High Definition Audio)' (Windows WASAPI)
*** Device 4: 'Altoparlanti (Realtek High Definition Audio)' (Windows WASAPI)
*** Device 5: 'Speakers (Realtek HD Audio output)' (Windows WDM-KS)
*** Device 6: 'SPDIF Out (Realtek HDA SPDIF Out)' (Windows WDM-KS)
* SPU2-X: PortAudio error: Invalid device
Opening CDVD
Opening USB
Opening FW
Opening DEV9
McdSlot 0: C:\Users\Claudio Visentin\Documents\PCSX2\memcards\Mcd001.ps2
McdSlot 1: C:\Users\Claudio Visentin\Documents\PCSX2\memcards\Mcd002.ps2
Plugins opened successfully.
EE/iR5900-32 Recompiler Reset
Bios Found: Europe v02.00(14/06/2004) Console
(UpdateVSyncRate) Mode Changed to NTSC.
(UpdateVSyncRate) FPS Limit Changed : 59,94 fps
(UpdateVSyncRate) Mode Changed to PAL.
(UpdateVSyncRate) FPS Limit Changed : 50,00 fps
(UpdateVSyncRate) Mode Changed to NTSC.
(UpdateVSyncRate) FPS Limit Changed : 59,94 fps
(UpdateVSyncRate) Mode Changed to PAL.
(UpdateVSyncRate) FPS Limit Changed : 50,00 fps
(UpdateVSyncRate) Mode Changed to NTSC.
(UpdateVSyncRate) FPS Limit Changed : 59,94 fps
(UpdateVSyncRate) Mode Changed to PAL.
(UpdateVSyncRate) FPS Limit Changed : 50,00 fps
GSdx: failed to compile external post-processing shader.
Closing plugins...
Closing DEV9
Closing FW
Closing USB
Closing CDVD
Closing SPU2
Closing PAD
Closing GS
Plugins closed successfully.

Does someone know how to fix this?

config>audio>plugin settings

change from port audio to xaudio2

Thanks, it worked!