Yes, it's a constant sound from after that lyric til the end of the song. (I also hear it a little bit on a later track, I believe it was "The Curtains are Twitchin'", but it wasn't nearly as piercing.) At the time I originally noticed it, I went and checked it against some full-album stream that doesn't seem to exist anymore, the Rhapsody stream (which for some reason won't play when I try it now), and a higher-bitrate mp3 I downloaded, and all versions had the exact sound I described in the mp3 I bought from Amazon.
I've found one current online stream of the track with the exact same issue, from Napster's free streaming site:
http://free.napster.com/bell-x1-music/tracks/11602110#At about 2:12 is where the sound starts. It depends on what kind of speakers you have. I'm at work, but can't hear it at all on my shitty old iPod headphones, but I can hear it on my computer's speakers, from the right speaker.
Oddly, another stream I found on YouTube (
http://free.napster.com/bell-x1-music/tracks/11602110#) does NOT exhibit this problem. Man, is that a great song when I can hear it!