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I have the same problem. It all began when i plugged in my headphones. Restart helps though, but i fell like i am using windows once again :D
 
Right, I did a complete refresh. Erase, install SL, then immediately upgrade to Lion. I only installed a few apps though.
 
I had the same problem. Here is the fix:
Step 1: Open Audio MIDI Setup in Utilities.
Step 2: Select Output
Step 3: Change the Format to 96000.0Hz
This should fix the problem, if it does not please respond and i will try to assist you.
Thanks
 
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