Yes, this problem has been rather common so you would have found similar threads in the forums.
Anyway, try to go to pssetup: start->Programs->Planeshift Crystal Blue->Planeshift Setup and turn off sound.
once you do that, launch the game and try to see if it works.
The problem is probably related to the fact that there is a sound error depending from the area you are in, in this case Death Realm.