Are you after a music player rather than media player? VLC is the best player for video and streaming outputs, it plays almost every audio and video codec apart from Real format (which is shite and dunno why anyone still encodes in it ). Type "VLC" into Google and it'll take you to the videolan homepage. Music players - stick with winamp or try Sonique 2
I agree VLC will play 99% of stuff. If you want somet for songs stick to WMP or get WMP10 it does the job and does it well. ive never been much of a fan of winamp. With the new WMP10 you cannot drag files in play lists though you have to move them either up or down manually. the more shit you stick on your comp the slower it will go anyway