This problem is very, very, widespread among anyone that uses a Mac to record audio using the USB Audio Codec (e.g if you use a USB turntable or USB mic). It seems to be a bug that's been present since 10.4.11 (and is certainly still around in 10.5.5).
It's a bizarre thing, the static sometimes kicks in after a few seconds, sometimes 20 minutes. If you look at Audi/Midi Setup, you can change the sample rate to 48 KHz. But you'll notice, when the static kicks in, the sample rate will have changed itself to 44.1. Change it back to 48 KHz (in Audio/MIDI Setup), and the static stops immediately. Bizarrely, it'll often not then reoccur for a good long while.
Still, it's incredibly annoying. If you're trying to record an LP, you generally have to wait until at least half way through one side, then the static will kick in, then you can stop it, then you have to start over again and you'll probably get the whole LP done before the static reoccurs.
Incidentally, it makes no difference at all whether the USB device is plugged via a hub or direct to the machine, or what software you use (I've tried logic, GB, cubase, audacity, sound studio and amadeus) or what version of OS (since 10.4.10) you're using.