ZAP Media Player allows you to play CD-Audio as long as it doesn't use encrypted format.

The program is able to detect changes in the CD-ROM drive, however you shouldn't create a play list that refers directly to a CD-Audio, because it is a removable media. If you want to create a play list for a CD-Audio, you must first convert the audio tracks to WAV, MP3, WMA, or OGG. Then you will be able to use the resulting play list with slide show or just enjoy listening from your hard disk.

Note: ZAP Media Solution uses the highest audio quality when it performs CD-Audio "ripping".