If you were running 2.0b3, this might be the known bug regarding the unfinished normalization code (which will be fixed in the next release).

Was the static pure random noise, or was it playing the song in a very distorted way? If the latter, it's probably the known bug.

Also, by any chance did you mark that track by pressing the 4 or Cancel keys on it? One report said that the bug happened after he marked the track.