Sony Ericsson S700i

I just got the Sony Ericsson S700i phone today. Its awesome, but how do you turn the phone volue down? Im not talking about the ringtone volue but the actual phone volume. I have the ring volume on 1, and all the sounds like shutter sounds, mp3, etc are all extremely loud. I tried pressing the volume buttons on the side but all that did was bring up the Phone Status. I don't want to turn it on silent because I want some sound just no REALLY loud like it is now. Thanks.