Try opie-mediaplayer2, it's available in a gcc3 version. Xmms usually is ok as well (not as good, but ok as well), but you'd either have to compile it yourself (try openembedded.org), or use the compat libs, which doesn't really work for me, xmms plays, but the sound is like through a telefone. You could probably use mplayer, too, but that seems a bit... overpowered *G*
Cheers
Philipp