This problem was around at the very first release of SH3. IIRC it was to do with Sound Acceleration settings when using on MOBO sound devices. It occurs when low end systems compete for processing priority for the various devices.
If you pull up DXDIAG (run command) you should be able to reduce the acceleration for testing. I think that will fix it.
Alternatively, uninstall the sound drivers and fresh reinstall or get a dedicated sound card.
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