Single Status Update
Could be some audio settings. Check through the options for anything weird. Sample rate, buffer size, things like that. Make sure it's routed to the correct output, some a virtual output that can't handle it.
Also, start with a regular preset, those should be normal-sounding enough to not have some bizarre compression or other problems.
The only problem I've ever had with P4 was that the polyphony, which was at 1 by default, no idea why. Almost had me sending a mail over to their site before I caught it. No idea what could distort it. If nothing else work, turn down its volume.