It's happened twice to me already and is so annoying that I've had to load a previous save (losing hours of gameplay because of my stupid reliance on just the Quicksave key). Is there a fix that anyone is aware of?

Try not to watch when the mudcrabs mate.

I haven't had this experience, but if it is similar to other looping effects having the sound effect cast over yourself again may alleviate the problem.

Try sprinting until the stamina bar runs out and see if your character stops panting after a few moments. Also try a blessing statue or resting for several days.