I love the sounds and music in this old TB version (I forget what version it is, so here's a video with it: http://www.youtube.com/watch?v=hocml...JKSgJ-15XYY988). Is there anyway to replace the the current TB sounds and music with the ones from that version?

There is actually. You could get the audio files and buy the music item. Then with the help of the music item, you could play the desired music on toribash. And if you cant find the audio files, then you can convert the youtube video into audio and then use it. Hope this works!

Audio file needs be only 5 seconds long as well as in the .wav format. ~Twilight

Currently, the music item serves no purpose. It doesn't play music in the game either.

Sorry for that, I guess i should done some search on this music item before.
Anyways, I tried to find some alternate ways to play the music but i didn't find anything. Changing the sound files manually seemed like a bright option but i didn't find any music files in the toribash folder.

What music
U can download previous version and copy paste its sound files
Here is a tut about it http://forum.toribash.com/showthread.php?t=372771
http://forum.toribash.com/showthread.php?t=133114

I think the best way to play music as of right now is to turn the ingame music off completely and play your own from YouTube, Pandora, iTunes, etc.