tell application "System Preferences" to reveal anchor "output" of pane id "com.apple.preference.sound"
tell application "System Events" to tell (table 1 of scroll area 1 of tab group 1 of window "Sound" of application process "System Preferences")
set S to selected of rows
if item 1 of S is false then
select row 1
else
select row 2
end if
end tell
tell application "System Preferences" to quit
If you have more than two sound output devices this selects the next one in the list:
tell application "System Preferences" to reveal anchor "output" of pane id "com.apple.preference.sound"
tell application "System Events" to tell (table 1 of scroll area 1 of tab group 1 of window "Sound" of application process "System Preferences")
set S to selected of rows
repeat with C from 1 to (count of S)
if (item C of S) is true then exit repeat
end repeat
select row (C mod (count of S) + 1)
end tell
tell application "System Preferences" to quit