IMHO
forget about proprietary formats such as monkey audio.
go with FLAC.
flac website

Sorry but I cant recommend a specific windows client as I use linux (xmms). Here is some windows specific info
Windows and flac

If you find something that works well, please let me know.

I know I have listened to flac in windows, but dont remember which client i utilized. It was only a test.

hth

Randy

ps I have 26G of flac, much more of mp3. didnt hear the limitiations of my mp3's till I got my axiom speakers

Think of it as winzip for audio files.

Axiom M80, Ep600, Qs8, VP150, Crown XLI 2500 , DBX Driverack PA2, Focusrite Scarlet 2i4