Line fault at the outlet -- do I need an electrician?

Yesterday, I got a Panamax, Max 1500 surge protector and line conditioner. (I got a very good deal on it, and am just trying it out.)

I plugged it into an outlet I've been using for a while and one of the red lights on the front lit up saying "line fault." (I'm not sure how this is different from a "ground fault." Maybe it's the same.) The Panamax does not do this with other outlets in the room. They seem ok.

So, I know this means that the outlet is improperly wired. My question is, might this be a simple thing to check and/or fix? Any suggestions most appreciated. It's the only outlet I can use to have my audio set up where I usually have it. Now is not an optimal time to call an electrician. If this is a big problem, I'll try out my gear somewhere else in the room, but if I can fix this without too much expertise, that would be ideal.
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Your circuit is fed from a sub panel, correct?  Is the circuit fed from an independent breaker, or is it a duplex?

Also, have you seen any boxes in  between the sub panel and the outlet?


Lastly, does the 4V on the neutral go away when the breaker is off?
  • Yes, 4v went away with breaker in off position.
  • Circuit is fed from subpanel, yes.
  • It is an independent 15A breaker switch.
  • I have not seen any boxes. The subpanel sends out a thick orange wire affixed to the ceiling (exposed beams) and then that line disappears up into the ceiling. I believe it's run along the length of the top of the house to feed the first outlets and then that is run down to the basement, where the other outlets and my audio gear is. All outlets show reverse polarity.
There's more than 1 breaker in subpanel? You could pull the dead door and see if the breaker is wired right, black to breaker,  white to bus bar. Throw the single top breaker to subpanel. Do you know if a receptacle is the first thing on this run or is it a ceiling light? If it's a receptacle just take the face plate off and shine a flash light in there and see if white is to the silver screw side either in the screw itself or stabbed in the back on that side and the black is on the bronze side. 
Orange romex is 10 gauge 30 amp cable. I doubt that it  was used for just 15 amp room outlets. You will have to find where the hot and neutral are wired reversed! If you throw the breaker off at the main panel are you sure that that circuit only controls those outlets? You might find that it is feeding other outlets in your house!