Immediately after the release of version 1.2 stable (which most of us thought would be the last one for 2012), foobar2000 received another update, to build 1.2.1 beta. The cause for this was one issue uncovered in the stable release.
The problem consisted in the fact that menu commands that switched between playback output devices would not work all the time.
Since this was the only reason for releasing a new build, chances are that a new stable revision is about to emerge.
Version 1.2 of the application brought to the table support for streaming to arbitrary UPnP MediaRenderer devices through the new UPnP output component; it also added a dialog for quick audio conversion jobs that does not feature advanced options. Furthermore, the equalizer became an open-source component, separate from the standard DSP array.
foobar2000 is available for download from this link; during installation you can choose it to be portable.