while stealing her baby, i believe ben told rousseau something like "and bitch, if you hear whispers, you'd better run like a mother fucker" (paraphrased and sam jackson'ed). i thought that indicated it was the special others powers.
i also remember a scene (not exactly sure when and who) where folks from our favorite oceanic crew were treking through the jungle and heard the creepy whispers. they quickly dove behind some trees and saw a the legs of people slowly walking by. some were children (i think you could see a teddy bear?) indicating maybe they were the stolen kids from a few years back. again, i thought that just meant the whispers were otherized.
and even as closely as a few episodes ago, i think the whispering sound effects come into play whenever unlocke sneaks up on people. "hello, ben"; "hello, james"; "hello, hugo" etc.
maybe the story is the dead ghosty people "warning" whomever is around of danger approaching? like scattering birds who spot a predator?