Microsoft has released Windows Media Player 11 for Windows XP. Go get it here.
Windows Media Player 11 for Windows XP offers great new ways to store and enjoy all your music, video, pictures, and recorded TV. Play it, view it, and sync it to a portable device for enjoying on the go or even share with devices around your home—all from one place.
Windows Media Player 11 is designed to work with all versions of Windows XP Service Pack 2, including Windows XP Home Edition and Windows XP Professional. When I installed it, it also required Genuine Windows. The upgrade went very smoothly, though the normal warnings apply: Update your computer at Windows Update and backup your existing media files.
It's exciting that Microsoft is releasing so many products right now. I read today that Vista will go RTM sometime next week. And Office 12 is coming up as well.