Last night I came across something that seems to have fixed the sound lag, at least in some games.
In the graphics & sound options(*) there's a setting for Audio Buffer. It was set to the maximum , 16384 bytes. I've played with this in the past and found it had no effect, so I gave up on it. Well last night I had been playing again, and happened to leave it at 2048 bytes, then I quite gpsp.
When I went back in later, I found the sound was no longer lagging! It seems that the settings are not put into effect until you quit then restart. So all the testing etc I had done int he past was no good as I'd never quit & restarted, just saved the settings and returned to the game.
I tested it a bit more and confirmed that this was the case - audio buffer of 2048 bytes, quit then restart, and the sound is no longer lagging.
* Graphics and Sound options crashed for me for a long time then magically started working. I don't know what the deal is with that... I think there's a file that it looks for and if it doesn't already exist, you get a crash. Try some of the other options, like configuring the inputs or cheats & misc options. Somewhere along the way, the missing file appears and then you can get into the graphics and sound menu.