When I first started to use my ModMic I had a horrible static noise going though it. I moved it to the opposite side of my face, and all the static disappeared. With that gone, it's pretty awesome. I'm not entirely happy with the placement of the mute switch, but it's easily bearable.
Joemezthe mod mic is uni directional, so it's a probability that you had the mic facing the wrong direction on your first try, thus resulting in all the static.
Keep an eye on the little mic icon on the boom mic itself, which should be facing your mouth.
xALRockI'm assuming it was interference from my wireless headphones or something else around my computer. If I held the mic -facing the right direction- and moved it around while listening to the static, the static definitely dropped off as I moved away from the right side of my face, which is closer to my headphone's transmitter. There's no static at all when I have the mic on my left, which is completely opposite to the transmitter.