Are you running windows xp by chance? If you are, it could be that xp is eating up too many resources. I had the exact same problem. I tried degrading the sound quality as suggested and like you, it helped but it didnt' fix it completely. I recently decided to make many xp tweaks(i searched the web for xp speed tweaks) and when i was done, my sound problem was gone and my frame rates even improved. If you're running xp and are interested in the tweaks, i can send you some links to things i used that you can try. How much ram are you running?
-Kevin