I can reproduce this problem running modern pulseaudio.
When I disable pulseaudio's esound compatibility, the problem goes away. I also tested recompiling libmikmod without the esd driver enabled; the problem goes away then, too. (libmikmod then uses ALSA output, which works great.)
This suggests to me that the problem is in libmikmod's esd driver. For that reason, I reassigned the bug to libmikmod.
I would suggest that someone remove the ESD driver, but alas, libmikmod is orphaned.
I wrote a long-form request for adoption here: http://www.asheesh.org/note/debian/rfbp.html
But even if my web page is down, this bug now contains approximately all the information necessary for someone to come to same conclusion as I have come to!
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