No more off topic at all please, else we will start handing out warnings and you don't want those.
Do you have framelitting off? cause it sound like that is off.
may be I should have reply here to push my post back up?
I have updated details @#1
You should really try a newer version of PCSX2. Get one from
http://buildbot.orphis.net/pcsx2
But anyway, the problem is the "Disable Framelimiting" box you have checked in your second screenshot.