Hey James,
I think you have a problem with your IRQ.
Have you tried it without sound or PCMCIA ??
have a look in /proc/interrupts and /proc/tty/driver/serial.
Is the tty you are using free??
 
I had the same and it vanished when I told my PCMCIA not to use IRQ 5
 
Hope I could help.
 
chris

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