...and have been getting microstutters (when the thin purple line flows across to the right , see pic)
Yup, this is bad news. Basically whatever is causing the halt is causing the physics to 'back up', or not being run when it's supposed to be run. For every pixel in the purple histogram, the physics is being run late by that many milliseconds. You want a fairly thin purple line within a few pixels of the left edge, not scattered across the graph as in your example.
The graphics histogram, on the other hand, records how many milliseconds each frame took. It's okay to be somewhere in the middle, although too far to the right indicates slow framerate. We still want to see them in a consistent range, however, not a bunch of dots scattered off to the right which is related to graphics stuttering.
Additionally, it might help you to understand the graphs with the knowledge that the graphics and physics are running on separate threads. The graphics is usually expected to run as fast as possible, while the physics is expected to get its work done in the allocated time. So the fat graphics bar is usually full, meaning it's just using all the CPU it can. But the fat physics bar should be less than full (preferably less than 80% or so), meaning it has completed it's work on time. If it gets all the way to the right, you will fall out of realtime which is bad. (Yes, we know this has been happening, especially in multiplayer races with lots of people ... we're working on it.)
So that's some more description, but not your fix. One of our private beta testers fixed a similar problem (where the purple histogram 'pulsed' to the right on a consistent basis) by putting in a newer graphics card, oddly enough. His CPU was already plenty powerful (newer quad core), but the struggling video driver seemed to be interrupting the whole machine for some reason!? Hopefully in your case, a newer CPU will solve it. But be aware, we've seen some goofy video driver behavior that interrupts multi-threaded applications.