I got sound coming out of it!! 
I had to edit /usr/share/alsa/alsa.conf and change both `defaults.ctl.card` and `defaults.pcm.card` from 0 to 1
Moving on to joysticks. I don't remember exactly what I changed on my CM3 image to calibrate them and make them work (checking my old notes now) but I see the following error in dmesg.
Right now I am unable to get L2, R2 and the joysticks to work
Note: I am using the L2R2 Dual Analog (4 ADC) Add-On Board for them
Quick edit: I only know those are errors because they're shown in red in the console
It worked after adding the correct mk_arcade_joystick.conf

I had to edit /usr/share/alsa/alsa.conf and change both `defaults.ctl.card` and `defaults.pcm.card` from 0 to 1
Moving on to joysticks. I don't remember exactly what I changed on my CM3 image to calibrate them and make them work (checking my old notes now) but I see the following error in dmesg.
Code:
[ 3.618236] mk_arcade_joystick_rpi: Freeplay Button Driver
[ 3.618267] mk_arcade_joystick_rpi: pad type requested : 4
[ 3.618279] mk_arcade_joystick_rpi: pad type : 4
Right now I am unable to get L2, R2 and the joysticks to work
Note: I am using the L2R2 Dual Analog (4 ADC) Add-On Board for them
Quick edit: I only know those are errors because they're shown in red in the console
It worked after adding the correct mk_arcade_joystick.conf