Especially for those who regularly use tracker music, there's a cool alternative now to the Xaudio2 object (and MOD object for that matter): the Audiere Sound plugin by R0J0hound.
Apart from the expected WAV, MP3 and OGG-formats it also plays FLAC, AIFF and various tracker formats like MOD, S3M, XM and IT files.
The only real downside is the inability to play MIDI files. According to R0J0hound the sound library does support it, but has no means for volume control, which is why he decided against including the feature.
Go grab the plugin while it's hot in the offical thread.