The test signal under channel mapping plays very phasey, as if two or more copies of the noise were played simultaneously. I do have 3 instances of ASIOhost32.exe running, one is launched when I enter Preferences, another when I enter channel mapping, and yet another when I press Play test signal. All instances are closed once I have exited preferences.
Foobar 1.2.3, ASIO 2.1.2, Windows XP, E-MU 0404