Aparentemente (thread de fóruns do Ubuntu) ,
it's a buffer under-or-overrun, X stands for under or over. It's a sign that your system did not process some buffers in time, so some data is missed. It is particularly true when you run at very low buffer size where the sound card should process incoming buffers very fast (overrun). Some chips cannot cope with small buffer sizes, so you have to increase the buffer length to ease the work done by the sound chip.