We're also having this problem. Only with one group of sounds. They're wav files and they play in QT and PT fine, and their metadata shows up correctly, but when I try and play them in SM (rewire or mac out) it spins the beachball and then give this error:
The engine reported an exception with this file:/Volumes/SFX 2/SFX LIBRARY 2/SteveC's stuff/CTE/CTE01/AccentCartoon CTE01_01.wav