Thanks for your replies. Especially thanks to you, @MalharD.
A lot has happened with my Arduino lately.
I did bought a second board. It does behaves similarly, though not identically. I will post about the new board on its own thread.
Comming back to this one, I have tried using @MalharD's solution. It did not work. Problem is that the serial port disappears from the system the moment I try to upload something, anything. Even if it is a slightly modified blink to replace delay times to 250ms (I need to ensure it is my newly uploaded code the one that's running).
The error message I get is this, weather or not the loopback circuit is connected or not:
Binary sketch size: 1,056 bytes (of a 32,256 byte maximum)
processing.app.SerialException: Error opening serial port '/dev/ttyACM0'.
at processing.app.Serial.<init>(Serial.java:178)
at processing.app.Serial.<init>(Serial.java:77)
at processing.app.debug.Uploader.flushSerialBuffer(Uploader.java:77)
at processing.app.debug.AvrdudeUploader.uploadViaBootloader(AvrdudeUploader.java:175)
at processing.app.debug.AvrdudeUploader.uploadUsingPreferences(AvrdudeUploader.java:67)
at processing.app.Sketch.upload(Sketch.java:1671)
at processing.app.Sketch.exportApplet(Sketch.java:1627)
at processing.app.Sketch.exportApplet(Sketch.java:1599)
at processing.app.Editor$DefaultExportHandler.run(Editor.java:2380)
at java.lang.Thread.run(Thread.java:745)
Caused by: gnu.io.UnsupportedCommOperationException: Invalid Parameter
at gnu.io.RXTXPort.setSerialPortParams(RXTXPort.java:213)
at processing.app.Serial.<init>(Serial.java:163)
... 9 more
processing.app.debug.RunnerException: Error opening serial port '/dev/ttyACM0'.
at processing.app.debug.Uploader.flushSerialBuffer(Uploader.java:101)
at processing.app.debug.AvrdudeUploader.uploadViaBootloader(AvrdudeUploader.java:175)
at processing.app.debug.AvrdudeUploader.uploadUsingPreferences(AvrdudeUploader.java:67)
at processing.app.Sketch.upload(Sketch.java:1671)
at processing.app.Sketch.exportApplet(Sketch.java:1627)
at processing.app.Sketch.exportApplet(Sketch.java:1599)
at processing.app.Editor$DefaultExportHandler.run(Editor.java:2380)
at java.lang.Thread.run(Thread.java:745)
I have tried the serial loopback test. The result was an outstanding success(?): TX and RX leds work properly and I get the expected reply--as long as I use an external terminal program. This port worked regardless of my boud rate or its other data communications details (stop bits, parity or number of data bits).
(Indeed, I figured out that the faster you set it to communicate, the faster the TX/RX LEDs will blink. So, If I set the speed to as low as possible (300 bps), 8 data bits, 2 stop bits, and even (or odd) parity I can actually see the LEDs blink brightly every time I hit a key... Thinking about it, at those setting the transmission is 27.27272727... bytes per second, or 37 ms per byte, which is much bigger than the 13 ms minimun time for our brains to distinguish two stimulae appart.)
If I use the Serial Monitor, the Arduino IDE tries to first compile and upload whatever is loaded and then It bombs out. Strange.
By the way, this part of the my new UNO clone is very similar. So I though inmediately that the problem was with my configuration of the Arduino software. I then proceed to purging (not just uninstalling, this way my configuration files are deleted too) the IDE and reinstalling it again. However, this made no difference.
The error exact error is this the same I listed above...
Now, this happens the second I try to upload a new program. I can hook up the serial loopback cirquit and use it for as long as I please, as long as I do not try to upload new code.
My next test is going to be to attempt to upload new code with some other tool. I have heard I can also do it using Elipse and command line tools... I am working on both options... Any other I should try?