The Full version plays MP3s, AAC, WMA, and more; Compatible with Winamp 2 Plug-ins; Full Support for classic and modern skins; Plays Videos; has a Powerful Media Library; Browse Internet Radio & TV Stations; Integrated Internet Music Videos & Songs; Bundled Visualizations; and Burn & Rip CDs.
The LITE version plays MP3s, AAC, WMA, and more. It is compatible with Winamp 2 Plug-ins and has full support for classic skins.

Winamp Player Features:
- Plays Music and Video Files (aacPlus, MP3, AAC, WMA and more!)
- Compatible with Winamp 2 Plug-ins
- Full Support for Classic and Modern Skins
- Plays Videos (NSV, WMV, and more!)
- Powerful Media Library
- Browse SHOUTcast Radio & TV Stations
- Browse Winamp Music Videos & Songs
- Integrated AOL Video Content (News, Sports, Movies & more)
- AOL Radio Featuring XM
- SHOUTcast Wire (podcast directory)
- Predixis MusicMagic (dynamic playlisting)
- Bundled Visualizations
- Burn CDs (Limited to 2x - 48x in Pro!)
- Rips CDs (Limited to 8x aacPlus, AAC, WMA - Unlimited aacPlus, AAC, WMA and MP3 in Pro!)
- 50 free mp3s from Emusic
- Includes Winner of the Internet
- Surround Music Project!
- Includes an MP3 of 'Mercy Me' by Alkaline Trio
- Rip/Encode music into aacPlus, AAC, WMA, or MP3!
- Burn CDs up to 48x!

Changes in version 5.2 Beta:
* New: [ml_pmp] Synchronization the Media Library with your portable media player (Compatible with iPod, Creative, and Microsoft Plays For Sure devices)
* New: [enc_aacplus] Coding Technologies aacPlus High Bitrate encoder available in Winamp Pro
* New: [enc_aacplus] Using Coding Technologies encoder for LC-AAC
* New: [enc_aacplus] AAC+ in MP4 container
* New: [in_mp3] gapless MP3 playback
* New: [installer] multi-user profile options
* New: [in_wave] in_wave 3.0
* Improved: new ATF functions and tags
* Improved: Stereo beat visualization for modern skins
* Improved: [in_midi] provides metadata to media library
* Improved: [in_mod] provides metadata to media library
* Improved: [in_mp3] unicode id3 tags
* Improved: [in_mp3] preliminary id3v2.4 support
* Fixed: broken playlist sorting
* Fixed: playlist problems with multi-line tags (e.g. %comment%)
* Fixed: shuffle with only one song in playlist
* Fixed: ghost seek slider appears if Winamp loses focus during seeking
* Fixed: [enc_lame] bit reservoir
* Fixed: [enc_lame] cutoff of last frame
* Fixed: [gen_ff] GDI Object leak with Current Skin prefs page
* Fixed: [in_midi] not following winamp's title formatting options
* Fixed: [in_midi] reset button blocks further access to config
* Fixed: [in_mod] not following winamp's title formatting options
* Fixed: [in_mp3] incorrect version identification (showed 5.18 in 5.12)
* Fixed: [in_mp3] incorrect information shown for AAC+ files
* Fixed: [in_mp3] reading incorrect id3 comment tag
* Fixed: [in_mp3] sometimes failing to read last id3 frame
* Fixed: [in_mp4] loss of album art when modified metadata
* Fixed: [in_vorbis] not following winamp's title formatting options
* Fixed: [in_vorbis] registry usage (now multi-user profile safe)
* Fixed: [in_wave] 32bit floating point WAV playback distortion
* Fixed: [in_wm] changes made with Attribute Editor not updating in ML/Playlist
* Fixed: [vis_milk] missing files from distro (you can stop bugging us now, Rovastar
* Fixed: [vis_milk] 100% cpu usage when paused
* Updated: [enc_lame] LAME 3.97b2
* Updated: [gen_ff] FreeType 2.1.10