Audio not loading or playing

So I'm trying to get an AudioProfile and AudioDescription to work so I can have music and sounds playing in my game. I'm using Torque Game Builder 1.7.4 on Windows Vista Home Premium 64-bit.

Here's the code:
(Note that I've put some of the lines into comments while troubleshooting because I thought this may have been the cause.)

//-----------------------------------------------------
//Lincoln V, Audio setup
//-----------------------------------------------------
//Sets up the audio files and functionalities

//Sets up the datablocks

new AudioDescription(AudioLooping)
{
   volume=1.0;
   isLooping=true;
   is3D=false;
   type=$GuiAudioType;
}
//Loads in the files

//%loadsAttempted = 0;
//%loadsSuccessful = 0;

//%loadsAttempted += 1;
new AudioProfile(testAudio)
##{##
   filename="~/data/audio/shieldhit.ogg";
   description = "AudioLooping";
   preload = true;
   //%loadsSuccessful +=1;
}

//echo(%loadsSuccessful @ " of " @ %loadsAttempted @ " audio profiles loaded successfully.");

The error follows the curly bracket right after the new AudioProfile. Earlier it was saying that AudioLooping is not a member of AudioProfiles or something like that, but I can't seem to get that same issue to pop up anymore. It says its a parse error, but I can't see anything wrong with the syntax.

Either way, I have no idea what might be causing this. I've followed the tutorial almost verbatim for audio loading/playing, and I've even tried the tutorial file itself (as you can see with shieldhit.ogg)

I've tried switching between nonlooping and looping, and I've tried changing the name too. I can't figure it out.

Any help that anyone can offer would be muchly appreciated. Thanks!

Oh and I had one other quick question. What music/audio formats does Torque support?