Over the years, I have tried more and more to just go with tools that come with the OS and as such I have adopted WMP as my main audio player. I know its not the best, but since its just part of the OS, I go with it. Well one thing that I used to use WinAmp for was to be able to play FLAC files. FLAC is 'Free Lossless Audio Codec' which is a bunch of whooey to be able to say its a recording that has been put in a format where no bits and pieces of the audio signal were lost from the original recording. This makes it good for audiophiles who spend tens of thousands of dollars on microphones and DAT machines to get a live show recorded.
I recently found a way to listen within WMP to some formats that were not supported before and can also make them part of my music library. Here is the link.