.Wavs Sounds Different in Audacity and iTunes

I was just very surprised to realize that one of my recordings sounds a fair bit different when played in Audacity and iTunes. The main difference is that there is a high pitched ringing sound, clearly audible in Audacity, but not in iTunes. My equalizer in iTunes is off.

What might the reason for this be?

If you copy the song out of iTunes and re-open it in Audacity, is it still broken? Does it do that in Windows Media (You posted in the Windows forum).