ALSA saved my day:

I downloaded the rc6 drivers on my RH 8 machine running kernel 2.4.18-18.8.0 and Intel 850 chipset. (Intel Corp.82801BA/BAM AC'97 Audio)

TeamSound (full duplex) is working perfectly now.
The original OSS drivers of RH8 did not work at all, was only able to use the mixer and play CDs.

Thanks a lot !!!