I was having issues with Premiere Pro and Soundbooth booth playing for a half second to two seconds and looping back over and over again. I did the usual disk first aid, software reinstall, system reinstall and software updates to no avail. I couldn't even find anything in a Google search. It turns out I just wasn't searching for the right terms. Yes, it was a lovely way to spend a Sunday afternoon.
I have a lot of Facebook friends in the industry and I'd like to thank Dennis Kutchera for pointing me to the support article: Audio playback stops after a few seconds in Soundbooth or Adobe Premiere Pro CS5 on Mac OS 10.6.x..
Basically it says to navigate to /YOUR_HD/Library/Preferences and rename the com.apple.audio.AggregateDevices.plist file, or move it to the trash.
Dave Basulto of Filmmakingcentral.com said this issue afflicted 15 computers at their office so if you are experiencing this issues, it's a very easy fix but not so easy to figure out.