I already did my tests with playsound and directsound, and I'll be using directsound, I'm finding it very powerful (as it should be) and I have coded a basic player and working on a tracker.
Player features:
- 4 sound channels (can be expanded to 8 channels)
- 8 gm samples
- 32 rows per page
- 8 pages
- 32 postions for pattern order
- Player runs in real time, yeah I can easily add synch with intro effects.
There's no fx added yet, only volume control for each sample.
It's very very simple player, but it can able to produce some sort of music

, oh yeah and very tiny - around 650~700 bytes for player and music data.