Help! Where is all the clipping coming from?

Right, I apologized above, I accidentally posted in WL 7. Feel free to move it.

It’s not necessarily too much gain, without the audio file to know. I’m aware of that and it should still put peaks at about -3 dB. Regardless, shouldn’t it be playing back exactly as the CD/DDP will sound? The DDP is heavily clipped, and the playback and render are not.

The track gain control works as-expected, and I can hear changes and see them on the meters.

I know this is weird and looks more like user-error (and it may be somehow), but I’m not sure where this could be coming from. BTW, running 8.0.1 in 32-bit mode, because of an older plug-in that is being used.

I did a fairly long screen recording to show the whole process. Let me know if there’s some other info it doesn’t show that it relevant…
https://dl.dropboxusercontent.com/u/5383787/Heller-Clipping.m4v

Thanks,
Brian