Anybody with the "corrupt" ringtones attempt to install In Call Recording? Doing this and installing the replacement wavedev.dll will cause this repeatedly.
Also, using phoneweaver to change your audio profiles will sometimes cause this.
My solution that has worked 100% so far: Convert my ringtones, alerts, etc to WAV format, and I use alarmpal for my different sound profiles.
I was able to duplicate this on Juicy 6.5 rom and on the Copper 6.5 rom. Hope this helps someone.
(This was also posted about 30 pages back)