http://www.haloeight.net/digitronic/

It is called the Digitronic player. A friend of mine just contacted the author with some feature suggestions, so some work may follow.

Some cool features:
1. Very low CPU usage so you can listen to music while encoding .
2. Support Winamp Skins if you want.
3. Stays out of the way.. (task bar if you prefer).
4. If you use IRC, it has a DDE feature that allows you to post "SE_Sport_Driver is listening to "The Pixies / Here Comes You Man". And you can customize that.

There are features it is missing, but changes are on the way. I just like its low CPU usage the most.

Winamp has really low CPU usage too. Is this program that much less resource intensive? If not, I'll just stick with Winamp because of all the features and plug-ins.

I still have winamp for general listening, but when I want to save on resources, this one rocks... it uses the Xing decoder. Winamp uses the MAD decoder.

ewww xing is the worst encoder ever, im not sure howthey decoed i just know i refuse to encode any of my rips with xing

xing is the worth low rate encoder. I agree. But this is for decoding.