I also have the same problem but i think mine is simple, it just crackles even if im just using WMP 12. i tried this:
start>"type sound" then sound properties, click properties on your default sound device(mine is on speakers and headphones)>advanced tab(replace your default sound format quality)
then it was solved, on my case though. at first i used 24bit 192000hz studio quality, then i switched to 24bit 96000hz studio quality. then its fixed. (i dont know if its only for now but the crackles didnt appear since then). hope this helps.
oh, and also, both boxes on exclusive mode are on. i dont know their uses though. hahaha..