I'm seeing the same thing, but without any bittorrent traffic. In my case, I think it might be UDP DNS reflection that triggers it. I'm running off CF card w/o any swap, and am getting a lot of process kills due to lack of swap (even with 512M RAM and low load), so I'm going to try rebuilding with swap space to see if this problem still exists.
example line in /var/etc/inetd.conf
19111 dgram udp nowait/0 nobody /usr/bin/nc nc -u -w 2000 192.168.1.16 53
example inetd process
root 15877 0.0 0.0 3268 8 ?? IN 9:59AM 0:00.00 inetd: wrapping (inetd)
example nc process (also hanging)
nobody 13983 0.0 0.0 3184 8 ?? Ss 9:56AM 0:00.00 nc -u -w 2000 192.168.1.16 53
lots of these in dmesg
pid 15741 (inetd), uid 0, was killed: out of swap space
pid 16286 (sh), uid 0, was killed: out of swap space
pid 16287 (sh), uid 0, was killed: out of swap space
[…]