Hi AlienEyes. This keeps happening to me when I am foolish enough to succumb to iTunes' urging me to update. I've got an old computer running XP, not that I think that should matter given, as you have observed, other music playing software can play music fine.
Over a year ago, the fix that worked for me was turning off the iTunes crossfade:
Edit > Preferences > Playback > Crossfade songs OFF
However, this time, with crossfading already turned off, I had to go into Windows task manager and right click on iTunes.exe and set its priority to AboveNormal. That has fixed most of the stuttering (which was horrendous - even scrolling up and down a webpage triggered it). I have also been into the QuickTime's settings (via Control panel's classic view) and set the audio latency to 99msec. I'm still getting the odd extended note however.
My go-to solution is to unplug my speakers from the computer and plug them into my 20GB ipod instead. Only a bit annoying as the total music selection is more limited.