I'm a little late to this thread but while doing some recent troubleshooting of my main feed I came across some software called Potplayer. It is available in 32 and 64 bit versions and seems to do a pretty nice job of displaying alpha tags. When I first ran it the sync between audio and metadata was way off but it seemed to settle after a few minutes and is by and large no more than about 1/2 second off now.
One thing I notice with it is the speed. It seems to be only about 5 seconds off from realtime activity, whereas others like VLC seem to be much more delayed.
I'm not sure if it's possible to run multiple streams with it (yet) but that's not something I usually do anyway. I don't think the software in the link that Nick provided is still being developed. It was also my understanding that the Winamp project was shut down, although I am aware that there was a final copy out there available for download.
All of that said I've been impressed with Potplayer thus far. VLC is usually my #1 choice for anything audio and video but Potplayer may outperform it with these feeds.
Global Potplayer