Thanks very much for all the inputs provided in this thread.
Going by the majority vote, I first tried the Classic Media player. It worked fine. But didnt quite find it much lighter than WMP. Also it didnt seem to have the context menu feature, something which i really need. I just right click on the folder in explorer and let it play.
Also tried VLC 0.8.6, found it lighter than Classic MP. But the sound was worse than pathetic playing WMA and even some MP3s.
Finally i got to Quintessential MP. This seems to be really fit my bill. Simple, got the basic decoders i need, got context menu and sounds good enough too.
just thought i d share that.
Thanks
Ramesh