I tried sampling the velocities, but there are 2 instances when velocity of a PE approaches 0 , once when its rising from the ground after impact and second when its reaching max ht. The sampling part didnt work, the object produces sound on impact but it keeps producing sound while it rises an sound stops when it starts falling down again, I am using 3 entities and my code does occasionally kill the frame rate(comes to 30 minimum).

Have you got a code to manage sound collisions, can you please post it if you do have one?

Try using a larger threshold for the velocity (play if collision and velocity < 5 instead of < 3 for example)

You could also use a timer that disables the sound long enough for it to settle, this can be done easily by simply setting event to NULL, waiting, and then reactivating the event.

-Rhuarc