This symptom is called the inability to filter, and yes, as the good forum user above explains.
It is very common among people who have Autism.
This symptom is part of the Sensory Impairment Symptom which is part of the American Psychiatry Associations Diagnostic Criteria found in the DSM-V.
It is believed that such problems with the sensory systems of the brain are likely caused by damage or dysfunction to this part of the brain and are in fact, neurological in nature instead of chemical.
Apart from isolating yourself from triggers, there isn't much that can be done to improve this symptom in my experience. Although some proclaim to have had some success using neuro-feedback devices.
Perhaps tuned earplugs, ones that block out almost all sounds apart from the frequencies range that human speak
inhabits would likely be the best partial solution. Although not always a great idea, as with noise cancelling headphones. using such devices poses some danger as well.
I would say that i have almost been knocked over a number of times due to wearing noise cancelling headphones.
This is because i no longer can hear the sound of the cars coming. Which of course can be dangerous while walking in areas that cars travel through, such as the city / town.