Definatly, but i use songbird or MPC for music.WMP for music; MPC (Media Player Classic) with the K-Lite Mega Codec Pack for videos.
Actually a songbird plug in covers that, I wasn't sure if it would work, until my friend brought his ipod over. MPC is best ^^.I've heard good things about foobar from one of my techie friends-but I go with iTunes simply because apple bent me over when I bought my first iPod. Now I'm too lazy to find a way to un-DRM my files for free and sync my phone through another program....
Oh yeah, @thread starter, songbird has plugins to automatically grab song lyrics and album art. I think it recently left the beta stage.I currently have Media Jukebox, its ok but it does not find a lot of cover art and song info that is on a CD that I am playing from