CAVEAT: Though this method should work for anyone (it even works with no soundcard), the best results are achieved with a full duplex soundcard i.e. one that can record what is being played back.
Requirements:
- An audio player - how about Foobar 2000

- Visual Plugin Player - Cool hack but a little hard to find
- Some WinAMP plugins - If you want use AVS then it must not have the WinAMP version check, AVS 2.5a2 works fine.
- Enabler - Allows you to change object properties in running apps, used to force unco-operative installers to continue
When you start VPP the first time it will ask for the location of your plugin folder - simple enough. Now choose the plugin you want to run and choose Wavgen from VPP's context menu - this generates random noise so you can see the plugin is working properly. Switch Wavgen off and set the recording input of your soundcard so its recording what is being played (usually called "Stereo Mix" or "Mix")
I hope this all makes sense - comments/gripes welcome.