The guys over at techspot published a large article on tweaking winamp. They focus input and output plugins but cover other areas as well. The recommended Shibatch mpg123 input plugin for instance offers better audio quality and more features than the default nullsoft mpeg decoder.
The output plugin section features an extensive guide to the configuration of three output plugins. Everything is explained with screenshots and recommended settings, great if you want to see fast results. The article finally explains the general preferences of winamp as well as file type association with the music player.
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