I'm having the same issue. Here's what I've nailed down about it with some simple troubleshooting techniques.
1. It's not an Itunes problem, the sound skips across multiple music players as well as with AVI and embedded videos from the internet.
2. Mine, at least, seems to not skip when headphones or external speakers are connected...any time that the headphone jack is used.
3. I have done extensive RAM memory testing including checkboard tests, inversion tests, etc and even after a hour and a half testing session the RAM is performing well, so memory isn't the issue.
4. All the hard drive tests I've run seem to indicate that it is working properly.
5. I've reformatted and reinstalled Leopard...twice. So I'm pretty sure the ol' IT go to of "cutting it off and back on again" isn't going to work, so people can stop suggesting it.
6. It's not a routing issue. I thought perhaps my router was dropping or lagging packets, so I changed it out and that didn't fix the problem. I've plugged the computer into a CAT5 ethernet cable and that didn't solve the issue. I've tested the computer on both cable and DSL networks and it happened on both. I've disabled Airport without effect, and even gone as far as to unplug household devices such as microwaves and large CRT tv's that might have some kind of electrical interference.....all without effect.
(yes I'm so stumped on this issue that unplugging things halfway across the room seemed reasonable...)
7. I'd like to repeat that it's not a memory issue, just because I feel like people are going to continue to tell me to look at my activity monitor...2 calls to Apple support have both ended 45 minutes into the conversation after I couldn't get a representative to actually talk technical with me...it was all just simple questions like "How many programs are you running" or "Are you sure that it isn't a bad MP3 file".... gahhhh, drove me crazy. I've got itunes open and perhaps a web-browser open 95% of the time and it skips. It's not like I'm trying to render a damn High Definition video in the background, geez.
At this point it's either a motherboard or a software issue...I'm praying software because that can be fixed with an update. All I know now is that I'm a little pissed that my 4GB RAM 2.8GHZ Macbook pro can't play a damn song without skipping every 15-20 seconds...I could dust off the 5 year old IBM and I guarantee that it will, as it did for 5 years, play music flawlessly with programs running.
So, if ANYONE has an actual technical suggestion that doesn't cover anything I've posted I'd love to hear it.
Thanks!