WinAMP works fine for most purposes, with only a few minor caveats. For instance, if you ripped a continuous-play CD to separate tracks, WinAMP always inserts silence in-between files, so you'd get interrupted play unless you found and added a plugin to get around this "feature." It also sometimes screws up rendering tracknames for non-ID3 tags (for instance, OGG and FLAC tags). Otherwise, it can be as light or as feature-rich as you need for most purposes -- all of the bloat (themes, visualizations, DSPs, media manager) can be disabled from the config menu. Don't bother with WinAMP Pro -- all you'll get extra are the ripping tools, of which there are several superior alternatives. Also, apart from trying to place AOL icons on your desktop (and some versions would add free.aol.com to your Trusted Sites list), WinAMP remains surprisingly spyware-free.
Personally, I've been using
foobar2000 for most of my music collection. It's light, feature-rich, and while not particularly pretty, can get nearly any media-related task done (playback, format conversion, mass tagging, CD burning, etc.)
If you're not already using one of these, the best ripping tools for Windows, in my opinion, are
EAC and
CDex. Provided you've disabled Autoplay, EAC can tackle almost any CD or music-containing-silver-disc (waves to Sony DRM) you throw at it. CDex isn't as versatile, but is a bit more user-friendly at tagging and ripping.