It is fully compatible with most PDA's and is fully skinnable with most Winamp 2.0 skins.

Features:
- Volume Controls.
- Repeat All or One.
- Shuffle List.
- Reverse and Forward Controls.
- Graphic EQ Playlist and working Queue.
- Preset EQ Ranges.
- Skinnable with Winamp 2.0 skins.

Update Description:
v1.0b:
- HandheldPC & CE.Net support.

v0.98:
- wma support.

SOURCE

http://www.winampaq.com/new/index.html

Reviews:

**** [Feb 5, 2009] by ffd using HP iPaq rz1710
Very good LIGHTWEIGHT player, it takes 2% or 1% for a 200mhz cpu.

***** [May 25, 2007] by Sara using i-mate JAMin
Wooow... it is amazing player... this All I need... Thanks. But we need skins for PPC.

**** [Apr 21, 2006] by Warhammer using HP iPAQ hx2110 (Windows Mobile 2003 SE)
Good player, but this version does not work on my device. v0.93 & 0.98b works fine. Looks like ogg playback quality is not good with maximum sound volume. But mp3 playback is very good.

*** [Aug 15, 2005] by AllOrZero using Dell Axim X5
A good program with lots of promise, but it has a few key items missing that would make it great.
- Multi-level file support: you have to have your files in a top-level directory (no sub-directory searching is enabled).
- Better Equalizer customization: loading equalizer settings is fine, but being able to save your own custom setting would be great as well.
- Better WinAMP 2 skin support: some skins are a little buggy, but this is minor.

***** [Sep 10, 2004] by Falcao (pt) using HP 4150
Got a problem with this version on my iPAQ 4150 - doesn't run and when I uninstalled I lost the mp3 file association to Media Player (a little Registry editing solved that ... oh well). Back on version 0.93 - still GREAT! For the Jul 12 post: to blank the screen click the top left corner of WinamPAQ - Buttons tab and choose a button for "Screen Toggle".

***** [Aug 2, 2004] by Andrew using Axim X3 400mhz
This program is great. I set it to the headphone preset then compared the same song with Windows Media Player and winamPAQ, and winamPAQ wins hands-down in both maximum volume and sound quality. BTW: It DOES have a option to turn off the screen (the inbox hardware button).

**** [Jul 12, 2004] by Olly (UK) using iPAQ 2210
Excellent player, the best sound settings and EQ options on any Pocket PC player. However, the interface is a little fiddly for people unfamiliar with WinAMP on the PC. You must close the application by the X on the winamp display rather than the Toolbar at the top otherwise it continues to run in the background and can only be closed by stopping it in memory settings. These are only minor annoyances. A MASSIVE oversight was the lack of a screen blanker to preserve battery life. Hence this loses it one star. Otherwise the BEST player bar none.

***** [Jun 25, 2004] by Eurycide using Cassiopeia EM500
For me this is the Best audio player. Very fast even on my 150mhz mips processor, easy like a good known winamp, and now you dont need lots of free memory to play mp-tracks! Great!

***** [May 26, 2004] by Daniel using IPAQ 3630
Like Winamp on your desktop, the best player, ever!

***** [Dec 10, 2003] by Paul Lloyd using IPAQ 3640
I've tried out a bunch of mp3 players and there is no doubt that this one is the best. Glad I finally found it!!!!

***** [Oct 17, 2003] by Ron M using XDA Pocket PC Phone Edition
The best out there. Excellent button mapping and the "only" PPC player I know with a real preamp and real equalizer. (something even the top stand-alone MP3 players don't have!) It practically blows-out my headphones.