setVolume woes

I have a little ActionScript 3 flash file for my gallery that plays nice background loop and also another mp3 if found. My problem is that while it plays both really nicely, I can't get setVolume to work.

Code:

---

var loadFile:String = this.root.loaderInfo.parameters.mp3;
var noLoop:String = this.root.loaderInfo.parameters.noLoop;

var soundLoop = new LoopingSound();
if (!noLoop) soundLoop.play(0, int.MAX_VALUE);


if (loadFile) {
        var loadedSound = new Sound();
/*                loadedSound.setVolume(50);
                causes loadedSound not to be played at all
*/
                loadedSound.load(new URLRequest("sound.php?load="+loadFile));
                setTimeout(loadedSound.play, 5000);
                loadedSound.setVolume(50);
/*                does nothing*/
}

---

Anything I'm missing?