IfAboveAction=[!SetOption Meter BitmapImage 1][!Redraw][PlayLoop "entropy.wav"]
IfBelowAction=[!SetVariable Reset 1][!SetOption Meter BitmapImage 2][!Redraw][PlayStop]
Doesn't seem to be working.
If the .wav file is not in the same folder as the skin, then you need to use the entire path to the file...
The recommended way to arrange items used in your skin would be to create a "@Resources" folder in top-level of your skin folder, then put all of your items that are not needed right away (images, sounds, etc.) in that folder; these are not loaded when the skin starts and will improve load-time.
You can then refer to them in your skin using #@# (it is short-form for "YourSkinName\@Resources\" folder).
So, suppose you put the .wav file in a "Sounds" folder in the "@Resources" folder, refer to it with [PlayLoop "#@#Sounds\entropy.wav"]
If you just put it in the @Resources folder, use [PlayLoop "#@#entropy.wav"]