I have to say this is completely bizarre... It certainly doesn't make much sense.
If the problem goes away while playing music and if it goes away when you uninstall your sound driver - it seems like your sound driver or card is to blame. However, I cannot think of reason for it. I'd like you to triple check it by reinstalling your audio driver and see if it returns. If it returns, use Musicmatch.. Does it go away? If you continue using MM, does it never return? Keep trying to make it happen with MM, just so we can be sure this isn't a coincidence.
If it is the audio driver, you might be able to find an older version. I don't know from where though, but I would think dell has a driver archive somewhere. It will probably be in here, although I couldn't tell you which one.
ftp://ftp.dell.com/audio . At the very least, you should be able to find it somewhere else on the net like DriverGuide.
You see, I was originally thinking whenever you hover over a folder in Windows, it reads the directory information from the MFT so it can display that info in the tool tip. A problem reading this information is about the only way I could reason out your issue. This could be caused by misbehaving software on your computer that provides 'special' fucntionality through explorer (virus scanners, file/drive utilities etc..). Just a guess. Alternatively, MFT corruption, extremely severe fragmentation or a failing drive could have similar results, but MFT and drive problems would show up in Start > Run > eventvwr.msc (system section), which you've already looked at.
This is a very, very, very long shot, but try disabling your tool tips. Windows may even still read the information with TT disabled, but if it does help, then we know it has something to do with Windows reading your dir info.
http://www.theeldergeek.com/tool_tip_displays.htm
[Start] [Run] [Regedit]
Registry Key: HKEY_CURRENT_USER\Software\Microsoft\Windows\CurrentVersion\Explorer\Advanced
Data Type: REG_DWORD [Dword Value] // Value Name: ShowInfoTip
Modify/Create the Value Name [ShowInfoTip] according to the Value Data listed below.
Value Data: [0 - ShowInfoTip Disabled / 1 - ShowInfoTip Enabled]
Exit Registry and Reboot
I would also try uninstalling any software that might be related to scanning or manipulating data, indexing or defragging files and so on.
But again, if MM and the audio driver are making it go away, then I doubt it is related to any of the above.