I installed Skype 5.3 & Telbox on Windows 7. The selected ringing is through speakers, but the ringing goes to the USB speakers, thus I am unable to hear Skype ringing.
The problem is caused by Skype's settings. Start Skype and then then access its settings and go to Audio. Choose the default audio output source the one you use as default to play sounds. The ringing stops and uses another source because Skype isn't configured. You've probably just installed Skype and the software used one of the available sound devices that were already available on the system.