Newest audio device driver fixed it.
Just FYI, thanks for sharing, I had the exact same issue.
Updating the audio driver fixed it (Realtek HD).
Win7/64, Winamp 5.61, all MP3's are on an SMB network share, hanging the whole computer but Winamp itself worst everytime it switches tracks. Didn't always do it, started a few months ago and kept getting worse and worse until the computer was almost unusable when listening to music. Finally couldn't take it anymore and started googling for help.
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