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We have an 84'. The radio has power to it, displays, does pickup a signal but no sound comes out of the radio. Could it be the amp that went, the radio all together, or the speakers? The fuses looked to be alright.
Do a search on Dr. Don, he's an authority on the Bose/Delco radios. I'm assuming thats what you have since you didn't specify.
I have an 84 with the Bose system and it's working fine (knock on wood From what I understand each speaker has its own amplifier. What you see in the dash is just a control head. If no speakers are working I'd start looking at the wireing coming off the radio in the dash. Loose connectors etc.
Does the cassette work? You didn't mention that either.
Under general corvette topics there is an audio group, check there for more in depth help.