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I don't know of any plugin apps to WMP to do this. Have you looked at GSPlayer? Quality-wise it is just as good as WMP with a ton of features that you want. It doesn't support playing WMP files but it does support MP3, OGG and Wav. I personally use OGG format and the compression is quite comparable to WMP format and the quality is very good for the bitrates that I am using. I have decided not to use WMP because I don't want to be locked in to a non open format.
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