For some reason i get this weird spell effect sound constantly looping around my character. If i zoom out all the way in 3rd person the sound is gone but in first person its loud.

I took off all my armor and looked to see if i have any active effects but theres nothing.

Got this exact problem too.

Just giving this another bump, because there aren't any other threads about it or discussions taking place elsewhere on the internet, nothing short of starting a brand new game works and I've got 30+ hours invested in my save, so...

EDIT: Fixed. Open up the console and type 'sixchange', you should no longer hear the looping audio, just type 'sixchange' again to go back to your original gender. This works for the stuck arrow bug too.

EDIT 2: Damn, this only works until you reload your save. So you have to keep doing this every time you load a game. It is a real nuisance, hopefully they'll fix it in the next patch?

Count this as another bump, but I've got something new to add. I think I've identified what this bug is. The Elder Scrolls Wiki bug page identifies an 'Elemental Fury' bug as doing the same thing mine is doing. I didn't cast Elemental Fury but I did cast Ice Form once, I reckon it is the same bug.

http://elderscrolls.wikia.com/wiki/Bugs_(Skyrim)

I have the exact same problem. I didn't actually notice WHEN I got it, but I just got and used Elemental Fury, so it must be from that...
The sixchange thing does work, but doing that every single time I load a game is pretty damn annoying.
There has to be a way to permanently fix this bug without starting a new game.

I'm currently in email contact with someone from Bethesda support and she told me my comments have been passed on. Hopefully that means to the patch team.

I just wish I had an older save to go back to. I do have a few backups but my oldest backup still has the problem. I've been using Chillrend as my weapon of choice for a long time now.

That's great, keep me updated!
In the meantime I'll just have to keep doing the sixchange thing every time I load... My only pre-bug save game is from 10 or so levels ago, so that's not an option, I might as well start a brand new game, which I'd rather not do.
(And yet also am tempted to, just to try something completely different..)

I've just posted this in the Elemental Fury thread but I guess that you guys are subscribed to this one, so I hope the moderators don't mind if I post it here too. The problem seems to have fixed itself.

I got to a certain point in the Main Quest (MQ) and I stopped hearing the sound. I saved and reloaded the game and it was back, so I thought it was just a fluke. Then I kept on doing the MQ and suddenly I realised I wasn't hearing it any more. I saved, exited the game and reloaded, and I can't hear it. It might come back, I don't know, but I haven't done anything except store away Chillrend, use a different sword, and doing the MQ. I would advise anyone else getting the Chillrend bug (or any repeating sound) to do the same.