I think I have been experiencing the same thing.
I am using WMM 2.1.4026.0 on a DELL XPS Gen2 with WinXP Sp2, with a Creative
Audigy Audio Processor (WDM). I video with a Canon ZR30 and transfer using
Firewire.
These are my experiences. I use WMM to import from the camera, WMM then
makes clips for me. I then copy all the clips all at once to the timeline and
beging editing from there. When I play back the 'raw' movie before editing
anything everything is fine, no "Psshgjt" or "hickups" at all. After trimming
video or adjusting audio volumes etc. I will start to experience the "noise".
I did some experiments with deleting a particular clip or series of clips
and then draging them back to the timeline. Sometimes this worked and
sometime it didnt resolve the "noise" at the transition. I am starting to
think that it is actually happening at the end of the prior clip rather than
at the start of the next clip. The only thing that I havnt tried yet is to
start from scratch and drag all clips to the timeline -- too much work, and I
still have to trim them up again etc. which might cause the "noise". I hope
someone will be able to give us some other insight into our problem. Maybe a
MS software tech will look into it. Family doesnt really notice, but after
spending hours choosing appropriate titles, music, sound effects, stills etc.
and timing everything to the second, it really mars the final production.
What equipment are you using?