I have resolved my issue.

The cause was magic_quotes_gpc was on in my php.ini

I edited my ect/php.ini and turned it off, restarted my VPS and the annoyance has vanished.

You might want to increase the file upload from the default 2mb if you plan on using the music and video upload features while you're in there.

Apologies to Boonex and many thanks to those who tried to help.