I haven't had a problem with scratch live until tonight, which for me is fine as i am a early adopter of new tech, but i reviewed the data in the crash log and was freaked out how many times this error arose:

2/3/12 11:47:58.912 PM [0x0-0x6006].com.serato.scratchlive: TagLib: MP4: Unexpected atom "NTKB", expecting "data"

there is almost 100 or so messages in my log with the same error. here is the crash data:
Fri Feb 3 22:57:43 2012
panic(cpu 1 caller 0xffffff80002c266d): Kernel trap at 0xffffff7f815eb1d7, type 14=page fault, registers:
CR0: 0x000000008001003b, CR2: 0x0000000000000002, CR3: 0x0000000000100000, CR4: 0x0000000000000660
RAX: 0x0000000000000001, RBX: 0x0000000000000001, RCX: 0x0000000000010000, RDX: 0x0000000000000010
RSP: 0xffffff80e8a93d60, RBP: 0xffffff80e8a93da0, RSI: 0x0000000000000c9a, RDI: 0xffffff8013abf000
R8: 0x0000000000000000, R9: 0x0000000000000000, R10: 0x0000000000000001, R11: 0xffffff80ccb8a190
R12: 0x0000000000000000, R13: 0xffffff8013ae0c80, R14: 0xffffff8013ace800, R15: 0xffffff8013ad7380
RFL: 0x0000000000010202, RIP: 0xffffff7f815eb1d7, CS: 0x0000000000000008, SS: 0x0000000000000000
CR2: 0x0000000000000002, Error code: 0x0000000000000000, Faulting CPU: 0x1

Backtrace (CPU 1), Frame : Return Address
0xffffff80e8a93a20 : 0xffffff8000220702
0xffffff80e8a93aa0 : 0xffffff80002c266d
0xffffff80e8a93c40 : 0xffffff80002d7a1d
0xffffff80e8a93c60 : 0xffffff7f815eb1d7
0xffffff80e8a93da0 : 0xffffff7f8159a587
0xffffff80e8a93e40 : 0xffffff7f815e2295
0xffffff80e8a93ec0 : 0xffffff7f8155a234
0xffffff80e8a93ef0 : 0xffffff8000639946
0xffffff80e8a93f30 : 0xffffff80006386c0
0xffffff80e8a93f70 : 0xffffff8000638564
0xffffff80e8a93fb0 : 0xffffff8000820057
Kernel Extensions in backtrace:
com.apple.driver.AirPort.Brcm4331(513.20.19)[6D64BE6A-ECF8-3C8C-8312-1
545E0C11E05]@0xffffff7f8154a000->0xffffff7f81729fff
dependency: com.apple.iokit.IOPCIFamily(2.6.8)[F63D4ABE-42DA-33EF-BADD-3415B0CB017
9]@0xffffff7f8082a000
dependency: com.apple.iokit.IO80211Family(412.2)[36DA8E21-CA96-3DCF-A6E7-5161AADF8
FA8]@0xffffff7f81512000
dependency: com.apple.iokit.IONetworkingFamily(2.0)[59A00F6B-3710-3E07-9921-70C457
82FF8C]@0xffffff7f810b8000

BSD process name corresponding to current thread: kernel_task

Mac OS version:
11D50

Kernel version:
Darwin Kernel Version 11.3.0: Thu Jan 12 18:47:41 PST 2012; root:xnu-1699.24.23~1/RELEASE_X86_64
Kernel UUID: 7B6546C7-70E8-3ED8-A6C3-C927E4D3D0D6
System model name: MacBookPro5,5 (Mac-F2268AC8)

System uptime in nanoseconds: 16224530340588
last loaded kext at 319105327699: com.novationmusic.driver.usb.audio 2.3 (addr 0xffffff7f80792000, size 81920)
last unloaded kext at 503182118682: com.apple.driver.AppleUSBCDC 4.1.15 (addr 0xffffff7f8078e000, size 12288)
loaded kexts:
com.parallels.kext.prl_vnic 7.0 15054.722853
com.parallels.kext.prl_netbridge 7.0 15054.722853
com.parallels.kext.prl_hid_hook 7.0 15054.722853
com.parallels.kext.prl_hypervisor 7.0 15054.722853
com.parallels.kext.prl_usb_connect 7.0 15054.722853
com.serato.usb.kext 2.3.0
com.apple.filesystems.smbfs 1.7.0
com.apple.driver.AppleHWSensor 1.9.4d0
com.apple.filesystems.autofs 3.0
com.apple.filesystems.ntfs 3.10
com.apple.driver.AudioAUUC 1.59
com.apple.driver.AppleHDA 2.1.7f9
com.apple.driver.AGPM 100.12.42
com.apple.driver.AppleMikeyHIDDriver 122
com.apple.driver.AppleUpstreamUserClient 3.5.9
com.apple.driver.AppleMCCSControl 1.0.26
com.apple.driver.AppleMikeyDriver 2.1.7f9
com.apple.driver.SMCMotionSensor 3.0.1d2
com.apple.driver.ACPI_SMC_PlatformPlugin 4.7.5d4
com.apple.driver.AppleSMCLMU 2.0.1d2
com.apple.iokit.IOUserEthernet 1.0.0d1
com.apple.Dont_Steal_Mac_OS_X 7.0.0
com.apple.driver.AudioIPCDriver 1.2.2
com.apple.driver.AppleLPC 1.5.3
com.apple.driver.AppleBacklight 170.1.9
com.apple.GeForce 7.1.8
com.apple.driver.AppleUSBTCButtons 225.2
com.apple.driver.AppleUSBTCKeyboard 225.2
com.apple.driver.AppleIRController 312
com.apple.AppleFSCompression.AppleFSCompressionTypeDataless 1.0.0d1
com.apple.AppleFSCompression.AppleFSCompressionTypeZlib 1.0.0d1
com.apple.BootCache 33
com.apple.driver.AppleUSBCardReader 3.0.1
com.apple.iokit.SCSITaskUserClient 3.0.3
com.apple.iokit.IOAHCIBlockStorage 2.0.1
com.apple.driver.AirPort.Brcm4331 513.20.19
com.apple.driver.AppleFWOHCI 4.8.9
com.apple.driver.AppleUSBHub 4.5.0
com.apple.driver.AppleHPET 1.6
com.apple.driver.AppleAHCIPort 2.2.0
com.apple.nvenet 2.0.17
com.apple.driver.AppleUSBEHCI 4.5.8
com.apple.driver.AppleUSBOHCI 4.4.5
com.apple.driver.AppleSmartBatteryManager 161.0.0
com.apple.driver.AppleEFINVRAM 1.5.0
com.apple.driver.AppleRTC 1.4
com.apple.driver.AppleACPIButtons 1.4
com.apple.driver.AppleSMBIOS 1.7
com.apple.driver.AppleACPIEC 1.4
com.apple.driver.AppleAPIC 1.5
com.apple.driver.AppleIntelCPUPowerManagementClient 167.3.0
com.apple.nke.applicationfirewall 3.2.30
com.apple.security.quarantine 1.1
com.apple.driver.AppleIntelCPUPowerManagement 167.3.0
com.apple.kext.triggers 1.0
com.apple.driver.DspFuncLib 2.1.7f9
com.apple.iokit.IOFireWireIP 2.2.4
com.apple.driver.AppleHDAController 2.1.7f9
com.apple.iokit.IOHDAFamily 2.1.7f9
com.apple.driver.IOPlatformPluginFamily 4.7.5d4
com.apple.driver.AppleSMBusController 1.0.10d0
com.apple.iokit.IOSurface 80.0
com.apple.iokit.IOBluetoothSerialManager 4.0.3f12
com.apple.iokit.IOSerialFamily 10.0.5
com.apple.driver.AppleSMC 3.1.1d8
com.apple.driver.ApplePolicyControl 3.0.16
com.apple.driver.AppleSMBusPCI 1.0.10d0
com.apple.driver.AppleGraphicsControl 3.0.16
com.apple.driver.AppleBacklightExpert 1.0.3
com.apple.iokit.IOAudioFamily 1.8.6fc6
com.apple.kext.OSvKernDSPLib 1.3
com.apple.nvidia.nv50hal 7.1.8
com.apple.NVDAResman 7.1.8
com.apple.iokit.IONDRVSupport 2.3.2
com.apple.iokit.IOGraphicsFamily 2.3.2
com.apple.driver.AppleUSBMultitouch 227.1
com.apple.driver.BroadcomUSBBluetoothHCIController 4.0.3f12
com.apple.driver.AppleUSBBluetoothHCIController 4.0.3f12
com.apple.iokit.IOBluetoothFamily 4.0.3f12
com.apple.iokit.IOUSBHIDDriver 4.4.5
com.apple.iokit.IOSCSIBlockCommandsDevice 3.0.3
com.apple.iokit.IOUSBMassStorageClass 3.0.1
com.apple.driver.AppleUSBMergeNub 4.5.3
com.apple.driver.AppleUSBComposite 4.5.8
com.apple.iokit.IOSCSIMultimediaCommandsDevice 3.0.3
com.apple.iokit.IOBDStorageFamily 1.6
com.apple.iokit.IODVDStorageFamily 1.7
com.apple.iokit.IOCDStorageFamily 1.7
com.apple.driver.XsanFilter 403
com.apple.iokit.IOAHCISerialATAPI 2.0.1
com.apple.iokit.IOSCSIArchitectureModelFamily 3.0.3
com.apple.iokit.IO80211Family 412.2
com.apple.iokit.IOFireWireFamily 4.4.5
com.apple.iokit.IOUSBUserClient 4.5.8
com.apple.iokit.IOAHCIFamily 2.0.7
com.apple.iokit.IONetworkingFamily 2.0
com.apple.iokit.IOUSBFamily 4.5.8
com.apple.driver.AppleEFIRuntime 1.5.0
com.apple.driver.NVSMU 2.2.9
com.apple.iokit.IOHIDFamily 1.7.1
com.apple.iokit.IOSMBusFamily 1.1
com.apple.security.sandbox 177.3
com.apple.kext.AppleMatch 1.0.0d1
com.apple.security.TMSafetyNet 7
com.apple.driver.DiskImages 331
com.apple.iokit.IOStorageFamily 1.7
com.apple.driver.AppleKeyStore 28.18
com.apple.driver.AppleACPIPlatform 1.4
com.apple.iokit.IOPCIFamily 2.6.8
com.apple.iokit.IOACPIFamily 1.4

it only happened once and after a reboot scratch live continued to work without error.