"Voice coil rub" would be what you're hearing. The speaker itself is a paper cone that rides along an electrically charged rod (the voice coil), and is attached to a soft suspension known as a spider. Feed it electricity, and the cone moves back and forth. When the speaker gets overdriven, the voice coil gets too hot and deforms (because it's metal), or the cone can get too old and sag onto to the coil. In either case, when it tries to move along the coil, it scrapes and causes the static noise you're hearing. You've got a shot at fixing this by simply turning the speakers upside down for a few weeks (the cone will sag back into place), or getting a replacement pair of KLH Model Six woofers.
FWIW, a good friend of mine has a similar Yamaha receiver, and I've tried it with my Sixes. It was a good clean combo, worth a shot if the Sherwood is toast. Sixes aren't the pickiest about amplifiers, but they respond well to clean power.