Hello all. New member and decided to respond to this thread with my first post.

Anyway, I downloaded the original APE file in the first post and tested it on my system.
Here is my setup:
Windows XP SP2
Creative Soundblaster Live! PCI Value
DirectX 9.0c
All Windows XP Updates as of February 2008 except for DirectX (I don't have DX10 installed yet). I also have the latest drivers I could get for all my hardware.
Software Media Player: XMPlay 3.4.2.1 (by Un4Seen Developments) with Monkey Audio Plugin (xm-ape.dll)
using Output Device: DirectSound - SB Live! Audio [D000] with 16-bit stereo.
Also, using a set of "average" on-the-ear headphones plugged into the SB Live! They are "average" because I spent just $25 on them. So I guess they are "mainstream consumer" headphones. They are rated at 16 Ohm impedance and frequency range 20 - 22000 Hz with a SNR of 98 dB.
I turned off all reverb/chorus/equalizer and any other DSP effects in XMPlay. I also set the main WIndows Mixer volume to 50% with Wave volume to 100%. Within XMPlay I set the volume slider to 10% and then moved it up slowly until I reached a light comfortable listening level which was achieved at 30%.
With the regular non-altered 44100 Hz output, I get the starting 3 "beeps" of touch tone dialing and then a really high pitched razzing noise, like a ray gun firing or alien spaceship, that overpowers the rest of the beeps.
However, if I tell XMPlay to resample to 48000 Hz, that razzing noise goes away and I get only the touch tones, which I presume is the 'correct' sound.
If this is correct, then XMPlay's resampling to 48000Hz for Creative cards works very well. Before this test, I have always had XMPlay resample all sounds to 48000 Hz before outputting to the sound device because I had already read about the subpar upsampling that many Creative cards do.
My motherboard also has a built-in C-Media Wave AC'97 sound device, but I rarely use that thing so I didn't test it.