Thanks for the prompt replies.
Assuming I saw the right thing it is called Z-Fighting.
Your map is huge (the one I loaded was at least 10,000 units), which means you've set your far clip plane to extremely far distance, which causes inaccuracies.
Workaround/Hack to this is to use 32 bit depth buffer. However more correct way is to scale down your maps to proper size and use better near/far clip planes.
You're right regarding the clip distance and originally tried to reducing it to 1.0f/10000.0f however to no avail. Although I suspect the issue may lie in this area as 10000 still seems awfully large (especially after reading the MSDN D3D9 errata which mentions problems with large near/far ratios) but was required because anything smaller resulted in what was visually a very low draw instance (as in, right in front of the camera)
I've included the source here just in case: http://laserblue.org/Game_src.zip
Game.cpp:579 <render loop>
EDIT: Nevermind, I figured it out -- it was indeed related to the far clip plane. Thanks for the help guys.