I can't believe no one's made a decent case for foobar2000!
It's basically a player that on first use looks like Notepad, but underneath it's highly sophisticated, customisable and extendible - it's focus is on performance, quality, simplicity and flexibility and it acheives that all very well.
It was written by Peter Powlowski who used to work for Nullsoft - he initially created some of the plugins that were bundled with a lot of Winamp revisions and a lot of his code is still in use.
It's written in C++, supports pretty much every non-DRM encumbered audio format and can support conversion where encoders are available, its freeDB plugin is awesome for updating tagging information on files that may have been tagged badly, plus if you don't even have tags OR filenames (like 01.mp3, 02.mp3 etc) you can query those online and it usually gets it right by the track lengths (MassTagger also renames files to your specific structure too!).
It also has ReplayGain support which non-destructively creates a tag to tell foobar2000 how loud the song is so once you've tagged your collection you don't have to reach for the volume knob each time your track changes and you happen to have a very loud track.
There's also high quality resampling which for the high level enthusiast helps as it uses the latest proven techniques to match the input signal's sampling frequency with the output hardware.
You of course can also rip and burn as you wish (although the only proven secure cd audio extraction program is exact audio copy), customise the interface and presentation very significantly - just google for 'foobar screenshot', even write your own replacement interface using C++ - and the same goes for audio I/O as a lot of plugins are open source.
Having watched the development of this for a long time the effort is immense, for some time there was an obsession with getting the speed of the player as fast as possible on all platforms and it's certainly paid off.
It's not the most friendly at first but if you persevere you'll benefit.
http://www.foobar2000.org/
Ruairi