I found the solution for this problem. Have a look at this:
https://bugs.launchpad.net/ubuntu/+source/gnome-media/+bug/322909/comments/30
This worked. :)
** Changed in: linux (Ubuntu)
Status: Confirmed => Fix Released
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Since upgrade to Karmic sound gets fizzy when I turn down volume
https://bugs.launchpad.net/bugs/469551
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