You should be fine. First of all yes a 1x card can run in a 16x slot, though technically your extra slot is a 4x slot that can hold up to a 16x card.
Sandy bridge has 16 lanes connected directly to the CPU used for graphics and an additional 8 lanes connected to the PCH (southbridge). A lot of these extra lanes get used by the onboard peripherals like USB3 controllers, 3rd party SATA controllers, FireWire, etc. and whatever is leftover is used for extra pci-e slots in addition to the graphics slots.
Most motherboards will have 2 slots for the graphic lanes but since yours is a micro board there's just one meant for graphics it looks like.
I have the non-micro version of your board and it has two 1x slots and one 4x slot in addition to the graphic ones, however there are restrictions. Ifi want to use all 3 extra slots, they can all only operate in 1x mode since the other lanes are being used by other stuff. If I want to use my 4x slot in full 4x mode,I have to disable the 1x slots and one of the USB3 controllers and the eSATA port. Since your board has less onboard stuff you can use your 4x slot at 4x if you want without disabling anything.
Cliff notes: you have nothing to worry about, you should be able to use your soundcard and keep your GPU in full 16x mode, unless there's something asus isn't mentioning here in their fine print.