This is a hardware issue, the filament drive mechanism (sometimes called extruder) is turning, but because of the speed the filament is slipping a bit. You'll have to tighten the tension bolt a bit most likely. But not so much that it grinds the filament. Especially at higher speeds, this gets very important to get right.
Upgrading to the Berho extruder:
http://www.thingiverse.com/thing:26094
helps in this aspect, as it can put more pressure on the filament without causing grinding.
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IRobertI 521
Just a few questions to get things going
Did it strip the filament?
What temp were you printing at?
Did you make sure to put in the correct diameter?
Does it work at lower speeds?
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