If you're looking for not only a media player but also a recorder aswell, then JetAudio basic is a super solid solution that's packed with features.

It's secret lies in the ability to not only reproduce formats but convert them and even record audio and video. You can convert among all the major audio file formats and convert analog audio to various formats. There are also several visualization features including Sound2Vision tag editing for MP3, OGG, and WMA files plus you can add basic sound effects including wide, reverb, and x-bass. It would have been nice to have had a few more sound effects here but it's not really big on graphic equalizer effects. You can control the speed of audio playback and also perform cross-fading between two songs which is useful if you want to use it as a party and turn yourself into your own DJ. There a re a few skins to change - there should be more - and karaoke fans are not left behind either as there is an options to used synchronized lyrics with karaoke audio files. You can even search for lyrics via "Leo's Lyric Database" although the number of songs is very limited and sometimes the lyrics aren't correct anyway.

A very useful all round player for anyone that would like to do more than just playback their audio files.