SMP/Timer problems?
This seems to be pretty much the problem that has been solved in Serious Sam 2 with the latest patch, in which apparently the whole system was switched over from RDTSC to QueryPerformanceTimer.
http://support.microsoft.com/?id=896256
http://blogs.msdn.com/tparks/archive/2005/05/14/417516.aspx
http://forums.seriouszone.com/showpost.php?p=688033&postcount=139
Please get this fixed in the Beta... Pretty please?
(edit) perhaps I should mention this: CPU is an AMD Athlon X2 4200+