After a lot of troubleshooting, I think I have isolated it down to Uhbik 1.2, because after replacing it with 1.1, the project plays fine again. This is strange, because reading the release notes for 1.2 it seems most of the updates don't apply to me in any case.
Details: Ableton Live 8.2.5 (though I've tried an older version which I used to make the project with the same results), Windows 7 64 Home Premium SP1, Intel Quad core 2.33 or so (sorry I'm not at the music PC at the moment, I can't remember exact spec), 4GB RAM, etc ...
With Uhbik 1.1, playing the project, at no point does it go over 50% CPU use (using Ableton's non-standard meter, not the Windows one). With Uhbik 1.2 at a certain point (and again, it won't happen at the same point everytime), CPU use starts to run over 100% and audio becomes a distorted mess as you would expect. I stop it at that point so I don't know how far the CPU use would climb ultimately.
Any ideas? I guess I can just keep using Uhbik 1.1 but what about the line from the release notes which only states "- some minor bugs and niggles fixed"? That's almost as obscure a reference as Apple does in their release notes!
And the thing is, if there is a problem with 1.2 with certain configurations it should probably be looked at in any case.

