For those of us who feel Bug Head is too much of pain, here are some very fine (and free) alternatives which will run on regular laptops/desktops:
1) Pureplayer: I rate it above foobar in terms of sound quality. It's very balanced sounding, with simple UI. For those adventurous, you can even tweak
the sourcecode as that's available too for download. It is probably one of the earliest players to use memory playback.
2) AIMP: version 4 sounds very good, though a bit lean in the bass. Will work very good to tame bass-heavy systems. UI is full-featured.
3) MPD: Music Player Daemon is available for Windows too, though no longer actively developed in the last three odd years, but it remains a very good sounding engine. I tried it with Gnome UI front end as MPD doesn't have GUI. MPD for Windows is also a bit light in the bass.
Another player that uses MPD is VLC. I haven't tried it actively as music-only player but a friend swears that it handily beats foobar. I plan to try it out for myself.
For those comfortable with running Linux, distros like Arch Linux and Audio Linux are supposed to be good as they're optimised for audio. I have not tried them personally. Daphile is another well-known audio OS-cum-player Linux distribution. Despite struggling with it a lot with Rikhav's help, I couldn't get it to work in my system. Another Linux distribution that I heard at a friend's place is RTLinux, which is an optimized version of Arch Linux (which is already an audio-optimized Linux). Audio engine was MPD and front end was Gnome. I have never heard any player - hardware or software - that sounded as dynamic and pacy. The bass too was the most textured I've ever heard. But strangely it had a rolled off high, thus losing a bit on sheer resolution. I want to try this distribution in my setup some time soon.
Last but not the least, I've been fortunate to hear member Keith's work-in-progress, wav-only player. It's very, very basic at this time (and extremely tiny footprint, though .net framework is required) but probably equals or betters most of the above-mentioned players. I hope he develops it further