I usually associate this type of distortion with a slightly mis-tuned radio signal, not CD listening. However, overloading a preamplifier stage can also give this type of sound as in the sibilance example mentioned earlier. We usually associate clipping with power amplifiers but when small signal stages are overdriven they produce their own type of clipping distortion. Dirty, intermittent connectors and switch contacts can sometimes yield this type of noise and distortion as well (the diode effect). A bad tweeter with a warped or rubbing voice coil can sometimes sound this way too.

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Tekdredger