Well I'm sorry my friends, but there is one choice and one choice only.  And it would have to be WinAMP (Windows Audio MPEG Player). Easily the best MP3 player.

This player features graphics equalizers, built in playlist creator, file asociation, ability to fast forward and rewind, volume control and bufering control. It does, however, use more of your systems resouses while playing an MP3 but is much better then any other player. One of the major advantages is its freeware......

Here's a screen shot:

And here are the download pages: