Well, i tried different priorities and none of them solved my problem. I did discover a weird thing though, the bad frame rate and crackilng popping sound only happens in cockpit view. Chase view and cam view are fine, everything works great with good FPS.
The sound in cockpit view is like it can't keep up, laggy and buggy.
My specs are-
2 SLI nVidia 6800 GTs
1GB Corsair PC3200 RAM
AMD 64 3500+ 2.21 GHz
ASUS A8N SLI-DELUXE
This is most likely a software issue and not hardware.
Thanks for all your help.