Yes,
This is due to your Sound Blaster Audigy Audio card. You can do a search on the forums for Audigy and you will find many posts. The easiest thing to do is turn down the acceleration on the Audigy, and you will most likely have to remove the Remote control program that is installed with there software, as it is not compatible with Micorostudio yet.
Here is how to change the Hardware accleration:
- Go to the start Menu
- Click on Run
- Type in DXDIAG
- Click on Sound
- At the bottom left you should see something named DirectX Features under this there is a slider, that shows Hardware Sound Acceleration Level. Try sliding this to the left until Microstudio will work. You may not have to go all the way to the left, but maybe half way.