Despite being in in the corner of a sandbox I was getting a very jerky framerate which according to timers was being caused by... audio. Second Life isn't multithreaded so it makes sense that a slowdown in audio processing would kill framerate but I don't see why there is any audio processing as I don't have sound enabled!
By the time I took this screenshot the value had decreased a lot from what it was and then it eventually flattened out.
http://imagesocket.com/view/audio6bb.jpg