Zelda Ocarina of Time choppy audio?

Here's my specs:

P3 667
512 mb. RAM
GeForce 2 GTS 32 mb.
Soundblaster Live Value
Windows XP
All drivers up to date

I'm using PJ64 v1.4 and I've fiddled with all the settings and the plugins but the audio in Zelda is always pretty choppy. It runs at an average fps of ~55. Is my system just not good enough for the game to run perfectly, or is there something I can do?
Thanks

Azimer's Audio 0.30 Rev. 2.2 made a big difference. Thanks!