"Kernel panic" always occurs when the system encounters an impossibility from which it literally cannot continue. (The term, "not syncing," merely means that the system was not in the middle of a disk-I/O operation at the time.) Unfortunately there's not much more that you can do except to debug the situation, but to recognize that it is somehow associated with Alsa is a big clue.
The "kernel panic" itself is simply when the system finally had the good graces to stop wiggling: it gave up the ghost and never twitched again. Whatever caused it, happened earlier. Put on your sleuth hat. If you want us to try to help, post the output of dmesg.
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