Winamp. It plays everything I want it to, does everything I want it to (MP3, FLAC, OGG, WMA and M4A), isn't RAM heavy and is pretty customisable. I don't usually do playlists... I just have one giant one consisting of every song on my computer. So I just need something that handles all of the formats, has a simple layout and a sizeable playlist and I'm happy. Plus I've been using it for about 6 years now, so I'm used to it.
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