Sounds to me like the mic input is feeding two lines. Or, if the sounds are slightly out of sync could be a feedback loop.
In XP and Win7 the digital sound signals are processed to some degree through the kernel. Just to keep this in mind if the following does not isolate the problem.
First, the mic input noise. Leave the mic unplugged. Using your sound manager, mute the mic input. Not gone? Use the windows sound manager (multimedia device?) to mute the mic input. Not gone? There's something else 'attached' to the mic input. Pci board? Don't know what audio video sw you've got installed. Might look for a 'service' or run at start sw.
Kim