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.