If you want a versatile media player that can play virtually any type of music or video file, as well as any kind of streaming and the ability to record them to file, then go with VLC. Some other features:
Free and Open Source cross-platform media player
Has all the codecs you will ever need built in
Features a complete streaming server, with extended features (video on demand, on the fly transcoding, ...).
Because it is open source, there are tons of plugins available for anything it doesn't have built in.
It may lack a bit of the polish of some of the other players out there, but is probably the most powerful single media player out there.... and best of all it is free.
http://www.videolan.org
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Reasonable people adapt themselves to the world. Unreasonable people attempt to adapt the world to themselves. All progress, therefore, depends on unreasonable people.---George Bernard Shaw
8th Cmdmt: Thou Shalt Not Steal.