I was going to tell you that I've been just making changes and then selecting OK without altering the build, because selecting anything more recent than 3.6.12 (with a few exceptions) causes the launcher to crash. However, it's not crashing anymore. I guess the crashing was openAL related - either the old DLL I removed, or not having had OpenAL Soft installed. So now I can select the build and see that the sound options change when I do.
EDIT: EFX or not, 4 fighters warping into an active storm seems to be entirely sufficient to produce a pronounced series of pops and clicks.
Hmm, this is interesting: If I select WaveOut as my sound device, the clipping is gone... but I only get output in my left ear.