In your config.lua file, check to see if you have an audioPlayFrequency table entry there. Looks like it is no longer used in the Corona SDK, so if it is still there, verify that it matches the encoding of the WAV file you are using. Or just get rid of it.
As a test, you could also try converting the WAV file to an MP3 file and see if it plays correctly that way. If it did, then the problem might be either an issue in the original WAV file, or an issue with the size of the sound file on your device.
You could also post some code about how you are playing the file. Maybe one of the Corona folks, or someone else, will see a problem with the code you are using.