I wrote a Sound Engine plugin using irrKlang SDK.

You can play stereo sounds similar to the media_play function, but without audible delay at the beginning or every loop repetition.

I use the Pro hobbyist version of irrKlang SDK and I'll sell my irrKlangA8.dll plugin for ~20 €, of course you need also the same pro license, details here.

Currently possible features:

Using irrKlang as static Lib

Supported stream modes:
- Autodetects the best stream mode for a specified audio data.
- Streams the audio data when needed.
- Loads the whole audio data into the memory.

File formats:
RIFF WAVE (*.wav)
Ogg Vorbis (*.ogg)
Amiga Modules (*.mod)
Scream Tracker 3 (*.s3m)
Fast Tracker 2 (*.xm)

Functions:
- irrKlangStopAllSound - Stops all currently playing sounds.
- irrKlangSetAllSoundPaused - Pauses or unpauses all currently playing sounds.
- irrKlangDropISound - Destroy Sound object
- irrKlangSetInit
// sets the volume of the sound, a value between 0 (mute) and 1 (full volume).
// sets the pan of the sound. Takes a value between -1 and 1, 0 is center.
// Sets the playback speed (frequency) of the sound. The default is 1.0
- irrKlangSetPause - Toggle pause of the sounds
- irrKlangPlayPosition - returns the current play position of the sound in milliseconds.
- irrKlangPlay2D - Function to play a sound
// playLooped - plays the sound in loop mode.
// startPaused - starts the sound paused. This implies that track=true.
// track - Makes it possible to track the sound. Causes the method to return an ISound interface.
// streamMode - Specifies if the file should be streamed or loaded completely into memory for playing.
// enableSoundEffects - Makes it possible to use sound effects such as chorus, distorsions, echo, reverb and similar for this sound. Not supported yet

Planned features:
Sound Effects
3D Sound
Recording Audio

If somebody is interested here is a demo sample.