I recently Bought a Redstripe peavey Bandit 112(the one made in china) and I can hear a hiss that is rather frustrating when im not playing and it gets worse whenthe volume is past 4...on lead and clean.

When I turn up the presence it gets worse.

Now There is some kind of weird rattle.. Does anyone have maybe knob settings for a good clean sound.
I've never played a Bandit. Does the hiss go away when you are playing? You can't really dial out hiss using the amp knobs you need to find the source of the hiss. If it is in the solid state section - it may be hard to diagnose and repair but let's try some of the simple things first. Also, try plugging it into a different wall outlet or better yet, a different location altogether. Also try using a different guitar.