A highly critical POC exploit has been released that can compromise Windows security on an infected media file. Please update to Winamp 5.08c. This process worked well for me in upgrading from 5.07.
Winamp 5.08c - Security Update for New Critical Exploit
http://secunia.com/advisories/13781/
WimAmp 5.08c - Security Update
http://www.winamp.com/player/