You might want to try the parametric EQ with a low-pass filter around 4KHz to see if it helps.
I think some kind of lowpass is definitely a good idea for troubleshooting here, but I would recommend setting it higher than 4KHz: on all but the 6dB setting you would be losing almost all of the audio content above 8Khz. On the 6dB setting you'd have 8 dB of attenuation around 10 KHz, and 10 dB of attenuation at around 12 or 13 KHz, which is quite a lot of attenuation in the audible band. It only takes a dB or two of over-emphasis to cause sibilance.
I'd suggest starting the lowpass a little higher (8 or 10 KHz if you're using the 6 dB setting, higher if you're using a steeper filter). If it's not just treble overemphasis, but is instead intermod from ultrasonics as suggested by felix2, a lowpass would definitely help with that as well.
If there's treble overemphasis between 2 and 10 KHz, I'd suggest using a lowshelf for troubleshooting, or even just playing around with attenuation in the graphic equalizer.
OP, I agree with Arindelle, you should definitely try WASAPI as your output setting and see if that helps, directsound is not bitperfect, and may (conceivably) be partly responsible for what you're hearing.