"FYI" means "For Your Information".
Your son has profound hearing loss, same as I have.
I grew up with this in a regular school and it wasn't all fun, to put it mildly. It wasn't outright horrible for me, but I wish the teachers had taught me ASL and put me in touch with deaf/hard-of-hearing friends as I was growing up... whether in the local community or at a deaf summer school program, etc.
Like other posters have said, your son is deaf. Audiologists and Hearing Impaired programs might say he is hard-of-hearing, and it is a really fine line there.
I was taught to speak with speech training, and speech is useful to me. But at the same time, I have a really, really hard time hearing people. My social life has suffered because I can't hear people well enough.
That's why, in my 30s, I have finally discovered the deaf community and am learning ASL.
Don't make your son wait so long, would be my advice.
Audio CD's will not cure your son's deafness. He may hear some sounds, like I do. He might even eventually enjoy music in some ways, like I do.
But he is deaf, like I am. Not 100% deaf, but profoundly deaf.
It's best to come to terms with this as soon as possible. It may be a shock to you at this point, but it is not the end of the world. There is a rich life available and open to him.
But he is going to need:
* speech training in a hearing impaired program (maybe, if he can hear well enough)
* enrollment in a hearing impaired school program or even a deaf school (some great deaf schools out there, check them out)
* learning American Sign Language, people at home should learn and use it too. He may be able to communicate orally at home, and that's fine, but let him learn and use ASL too.
* hearing aids
* auditory trainer for the classroom
Get in touch with your local or state programs for the deaf and talk to these people. Get in touch with the local deaf community.
Be prepared... it's a tough crowd sometimes. But we mean well... we've been through a lifetime of this and we want the best for deaf/hoh everywhere.
Good luck and congratulations on your fine baby boy!
Edit: To give you some idea of what your son hears, listen to the Profound Hearing Loss audio clip on this page:
http://facstaff.uww.edu/bradleys/radio/hlsimulation/ This clip is an approximation. People with profound hearing loss may hear a little differently, but this will give you an idea.