I prefer to use the builtin Windows Media Player, after doing some upgrades and tweaks.
Always Use Windows media player 11 or what ever latest versions arives, as soon as it arive update it, and download the extra codecs, which is well known as All in one Codec pack, then each and every media format is supported in Windows media Player.
Just set the Enhancements to suit your needs and it plays well, i suggest you to set the equilizer to grunge and SRS Wow effects ON as well as use cross fading ON for Music playing purpose.
Thanks & Regards
Siaar Ceo Siaar Group