Sound feedback from loopback device?
 

I seem to be getting this extremely annoying sound feeback, I'm assuming from the loopback device (right assumption??), that sounds like buzzing, chirps, clicks, etc... and I cannot figure out how to stop it, other than turning the speakers off completely. There isn't any feedback when I play mp3s but when I play audio cds there is the same feedback noise and it makes it unbearable to listen to a CD. Anyone have a remedy?

(System Info:
Sound Card: Sound Blaster 16
Operating System: Red Hat 7.2
Cyrix 6x86 366 processor
196 mb ram
8x4x32 Imation CD-R/RW drive
32x Compaq CD-Rom drive
JBL Pro speakers)