Sounds like a fault with equipment in the exchange rather than a subscriber line fault. These days, voiceband services tend to be digitised, packetised and multiplexed at the exchange, for transmission with other types of traffic over fibre in "ATM cells" (the SONET/SDH backbone). This is essentially VoIP at the network level. The nature of the voiceband fault - the kind of noise corruption you are experiencing - could reveal its cause, and the equipment actually causing the fault. It would be a surprise if other POTS (plain ol' telephone') subscribers served by the same equipment aren't suffering the same problems.
cheers,