ITunes 11.0.4 playback stutters

November 30 0
Since upgrading to the lastest version of iTunes, every 30 seconds or so the playback of audio tracks stutters like it does when the CPU is very high.
However, this is not the case as it does it when only iTunes and nothing else is running. This is becoming very infuriating and would appreciate some pointers as it can't be anything serious. Hopefully it's just a buggy upgrade. I've re-installed iTunes, checked for soundcard driver updates to no avail.
I'm on Windows 7 service pack 1 64-bit. Thanks in advance.
Continuing the conversation with myself, I have created a new user account and tried to play some tunes there. On inital startup of iTunes in that account, no sound would play when playing a song in iTunes.  Playing songs in quicktime player or in the browser worked fine, but for the life of me I couldn't get sound to come out of iTunes for music files.  Tried a TV episode and that worked fine.
So I nuked the prefs file for iTunes, and restarted.  Finally some sound from music files!  And I've now played 3 albums in iTunes in this account with no hangups in playback. 
Now the question remains, what is wrong with my existing profile and do I try to fix it or do I move all my content into this new profile and forget about the old one?
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