es336td,
I'm not sure I'm sure I'm having the same issue as you, but here's something to try...
My issue is that whenever I turned on my AX2, it'll work perfectly for about 10-15 minutes and then it'll start making a sort of "fluttering/gurgling" sound (maybe Morse code-like?). Anyway, I was pulling my hair out (and I don't have much to pull, anymore!) trying to figure out what was wrong. Then, finally I stumbled upon an old (archived) Line 6 support thread and a poster named Apollodude217 had the solution! (At least it worked for my issue.)
Hold the "Tremolo/Cab" row button down when your turn on the AX2. The display will briefly show "HPn off". According the AX2 manual (p. 5-15 & 5-16), "HPn off" means the Speaker Emulator is turned off to the direct out jack. For me, that does the trick! I haven't had any "fluttering/gurgling" since, as long as I hold down the "Tremolo/Cab" row button when I start up my AX2. NOTE: This setting is NOT retained when you turn the AX2 off, so you have to do it every time you turn on your AX2.
Give it a try and see if it solves your issue.
Here is a link to that old support thread and Apollodude217's solution:
http://line6.com/supportarchivenew/thread/12118
Jay