Three exclamation points creates odd effect

Whenever someone posts a comment that uses more than two exclamation points together, an empty image placeholder is created.

I’m using ilovemusic theme with some customization. I know it’s not an upgrade thing since it’s been happening from the get go… it’s just annoying me now

You can see it here

https://blog.sacredpaws.org/?p=344

I have my options set to not automatically create emoticons.

ETA: Looks like this is generated:

<p><img src="!" alt="" border="0" /></p>