Have you tried foobar 2000? It is my media player of choice... Not much flash or nifty GUI, but it's sound quality is excellent. (and if you have a sound card that supports 24bit or 32bit, it will take advantage of that as well...)
I went to the site this looks very interesting and I'm going to review it for here and my other site. Thanks Xyphus. Now to the best of my knowledge, the widest wordlenght for audio is 24bit. 32 bit refers to the additional 8 dsp processing bits added to manipulate the data (volume, echo etc.) when 32 bit data reaches the 24bit card there is a dither applied at the output. This is one factor when comparing soundcards if using hardware dither, or a factor to consider when using software dither. The dithering noise is extremely small as compared to going 24bit to 16bit audio.
When it comes to running mp3s I use this nice little program. Definately no bloatware and the thing comes with the usual bells and whistles. If your looking for a new player try it out. I personnaly won't ever go back to winamp. As for windows media player I try to stay as far away from it as possible.
Thanks Bad_Karma
Another app I'll checkout. The Audioactive uses Fraunhofer MPEG decoding algorithms which I find to be more pristine than the other codecs IMHO. If you want to really hear a quality reproduction of MP3, get the Cool EDIT Pro demo and open an mp3 in it (Fraunhofer). The thing is it's an editor and not really a player. Takes a long time to load etc. But I believe it is the clearest mp3 reproduction I've ever heard (but the LAME guys will flame me for saying it).