Winamp 5

Pros: It could access to AOL's audio and video services and 20 XM Satellite Radio channels, and it supports various plug-ins that offers more settings to enhance itself and for advanced users to tweak.

Cons: The interface looks a little complicated for beginner. And it is limited to 2X ripping and burning in the free version, as well as MP3, AAC, and WMA encoding.

The Bottom Line: Comparing with other multimedia players, Winamp is really more powerful for customization.

Benefits:
Today, there are thousands of audio/video players on the net, and I've tried plenty of these programs such as Realplayer, Windows Media Player and so on, but nothing beats Winamp in my opinion.
It supports nearly all kinds of audio and video formats, with it, you could easily enjoy your favorite songs and movies. There are a lot of nice Winamp Modern skins out there, and some of them are quite gorgeous and attractive. You could also choose the fancy one to show your personality. However, if you don’t like these zooty skins, Winamp Classic skin is definitely a good choice.
Winamp supports various plugins, so, you could get many nice plug-ins for playing additional formats.

Through Winamp, we could get access to a fantastic variety of streaming media free of charge. This includes  AOL's audio and video services and 20 XM Satellite Radio channels.

There are two limitations in the free version- 2X ripping and burning. All though the pro upgrade does offer these functions, it still quiet about nagging for registration and upgrades, which is quite friendly to users. Go and download a freeware Audio CD Burner like CDBurnerXP or something and you will never need Pro.

Set up:
The setup file is less than 9MB and there is no adware as well as malware. So, you could install this program without hesitation.

If you want to uninstall this program, it is quite easy to do. Hit the “Uninstall” button, the entire program will be removed from your computer, and there leaves no useless file.

Interface:
The panel is composed of 4 main parts - the Controller, Media Library, Playlist Editor, and Video playback windows. The Controller is similar as WMP or iTunes, which is quite intuitive, but the other multi panels maybe take some time to get used to if you're a novice.

System Requirements:
It works well on Windows 2000 or later. For Online Services, Internet Explorer 5.01 or higher is required. The minimum hardware requirements are 500MHz Pentium III or comparable, 64MB RAM, 15MB Hard Disk Space and 16bit Sound Card. And the recommended configurations are 1.5 GHz Pentium IV or comparable, 128MB RAM, 30MB Hard Disk Space and 24bit Sound Card. The CD burning and CD ripping functions require 1x speed or greater CD Burner and 2x speed or greater CDROM.

Conclusion:
We all have our own favorite multimedia players. When I said “nothing beats Winamp”, it is just my genuine feeling after I’ve experienced this program. So, I strongly recommend you guys to try these powerful programs, you may find it does perform excellent.