I have yet to see an option to disable the sound effects in Ktorrent unless I'm just completely missing it. And since I use headphones and I usually have a pretty good level a volume, Ktorrent sounds effects come in twice as loud and promote deafness. If anyone can help me turn off these annoying sounds that would be great. Thanks!

KControl -> Sound & Multimedia -> System Notifications

That's where you set all KDE notifications. I don't see KTorrent entry there, probably it uses system-wide notifications. I always disable all system sounds anyways.

There are no KT sound effects, so what you are hearing is general KDE stuff

I know exactly what your a talking about, since i am a headphone guy as well. Sometimes KDE notify-sounds can come in handy, and i was happy when i found "playback options" in the KDE settings.
There it is possible to set the Volume for KDE Sounds.
Setting them nearly to zero and everything is fine.