When in Fake Fullscreen and I hold down ALT to highlight items then use W,A,S,D to move the camera around it causes the Windows 'ping' noise to rapidly go off. Anyone else have this issue or know how to fix it? Other than just playing in Fullscreen.

Edit: Just noticed it's ALT + any key. Hopefully this can be fixed cause it's very annoying trying to move the camera around while scanning for loot in Fake Fullscreen.

Yes, this is a known issue (in windowed mode, as well).
You can avoid this by using the arrow keys to move the camera or adding a secondary hotkey for 'Show World Tooltips' (or changing the primary) to use something other than Alt.

Alternately, you can right click the Windows volume control in the task bar, select Sounds, in the Sounds tab select 'Default Beep' under Windows and change it from 'Windows Ding.wav' to '(None)' (assuming you don't mind loosing the beep in Windows globally).