0) First, be sure that you have administrative rights before modifying system settings -> Disable UAC and run commands as administrator.

To be sure you have a full administrator account on your computer, with full privileges: Windows shall never ask for your confirmation (it behaves like in XP).

1) Download the ZIP containing the fix I made:
Original fix working with Delta cards
New fix for others cards (*might* work with Firewire/USB cards)
The ZIP contains 4 files:
-AudioFix.reg -> A registry entry to load the script upon each startup
-AudioFix.vbs -> The looping script
-AudioStart.bat -> The batch file for starting audio services
-AudioStop.bat -> The batch file for stopping audio services
2) Unzip those file to the root of your C drive (C:\). This path should be this one as I designed the script this way /!\

3) The restart/shutdown fix

(It is re-write of great xdurus77 fix, designed for the files I provide, I've also moved the batch execution to shutdown time rather than logoff time as it's absolutely not necessary there)
You can skip this step if you have already installed the fix.
a) Open "Run..." from start menu and enter "gpedit.msc" (without quotes) and hit "OK".

b) Now navigate in the right panel of the policy window "Computer Configuration" > "Windows Settings" > "Scripts (Startup/Shutdown)" > Double-click on "Shutdown".

c) In the properties window that popups, click "Add" then browse to the root of your C drive (C:\), choose "AudioStop.bat" by double clicking on it.

d) Hit "OK" and close the policy window.
4) The sleep/hibernate fix
a) Using the explorer, browse to the root of your C drive (C:\). You should see the 4 unzipped files here.

b) Double-click on "AudioFix.reg" to add the registry key that will launch the looping script at startup.

c) Hit "Yes" to validate the key. Hit "OK" to close the open dialog.

d) Open "Run..." from start menu and enter "powercfg -h on" (without quotes) and hit "OK". This will ensure that "Hybrid sleep" mode is available.

e) Enable "Hybrid sleep" by following these steps:
- Start the Power Options Control Panel applet (Start -> Control Panel -> System and security -> Power Settings)
- Select the "Change plan settings" option for the current (selected) power plan
- On the settings dialog box, click the "Change advanced power settings"
- Scroll down to the Sleep option, expand "Allow hybrid sleep" and select "On"
- Hit "OK" and close open dialog boxes
f) Restart your computer!
Now you're done and you can enjoy using your computer under Windows 7 together with your M-Audio card, shutting it down, putting it to sleep, saving on time and your electrical bill without issues (I mean: as it should be!).