Happy bunnies are lazy and don't post in forums, am I right? However, I have turned into one. Dare to say I found a bug in RealBand but nevertheless it works for me know.
So here are my 2 cents to share:
The distorted "static noise" sounds in RB (with ASIO drivers) are caused by the "Allow IM effects recording (ASIO only)" feature.
I tested that on 3 different computers under XP32 and Vista32 with 4 different ASIO drivers by Behringer, Yamaha, Native Instruments and ASIO4All. Same result on every system. Its a switch on / off thing.
Maybe someone could test it on his / her own system, so we would get another opinion and might report a confirmed bug to the PG team.
Thats the way it works.
# set up RB with ASIO drivers (word length and resolution don't matter)
# do not check the "Allow IM effects recording (ASIO only)" button at the "Aud Set" window!
# generate a track
# after you track is generated play it back. Hopefully everything is fine.
# now check the "Allow IM effects recording (ASIO only)" button at the "Aud Set" window
# play back again and I'd bet the playback will be corrupted and distorted.
# I dare to say that is a bug and not a feature

More happy news. With NI's Guitar Rig Mobile one has not to insert Guitar Rig as an PlugIn in RealBand. I don't understand how it works but some higher intelligence decided to let share Guitar Rig Mobile and BIAB/RB the NI ASIO driver. So I've got both signals on my outputs/headphones. That really is heaven on earth and let's me jump around day and night ...