Maybe you've got Ventrilo configured to use the wrong audio input?
Windows only supports one audio source setting per device at a time without any weird hacks, while most sound drivers offer a variety of sources like "stereo mix", "line in", "microphone", "CD audio", etc. It could be that when you start Ventrilo it sets Windows up to get sound from the wrong source, which gets reset to the right one when you try the voice test in Control Panel. Since the audio input configuration is global (that is, it's shared by every running application), this also affects Ventrilo and makes it work right, at least until you restart the app.
So I'd check Ventrilo's settings first.
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