Hi Tom
Could it be Flash related? Can you reproduce the problem on a different browser? Does the distortion happens with your favorite media player application?
If you want to pursue your codec theory try a tool called "Insurgent". You can get it here:
http://www.cccp-project.net/The tool will give you a list of installed codecs in your computer. That way you can inspect your system and confirm your suspicions about additional codecs installed by other programs.