Okay I have investigated this a little bit more and you're not going to be happy with what I have discovered, I think:
1. The *type* of SD card you have in your Pandora effects how strange the audio gets. Some blocking operation on SD i/o - on *some types of card* - causes massive underruns of ALSA. I have gone through 3 SD cards - Fujitsu, NONAMEBRAND, and SANDISK Ultra II .. only the Sandisk card provides superlative audio. The others, on some i/o operations it seems (forced by sync;sync;sync while playing audio with Exaile or games with Picodrive), stall the audio immensely and produces glitches/noise during playback. The noise is really massive spurts of buffer underruns happening concurrently during the i/o op on the SD card, occurring so fast that it appears to sound like noise/overdrive.
2. I/O on the WLAN *also* causes audio glitches. On my two Pandoras, if I turn off wlan and put the SANDISK ultra II card in, I always get perfect Exaile playback. With one, if the WLAN is active (wget in the background), it glitches occasionally. With the other, it glitches often and more frequently for some reason. However with WLAN off, both play nicely.
Technically, I predict that in some driver - either WLAN/SD or ALSA - there is a lock that should not be being taken .. or such lock usage is simply broken. Could it be the display driver, also? Maybe I'm misinterpreting the initial stalled i/o op report as the first in a chain of stalled i/o ops that occur during the *scroll of my Terminal window*. A bit of debugging of the interaction of the WLAN/Audio/SD/USB/Display drivers is going to be needed to fully answer this question, I think.
Anyway I do not think this is hardware related, but bad-quality hacks in some driver around these parts, coming to light through more testing than the driver-developer had the luxury to afford themselves during development ..