AudioNUT v1.9.30/lite, with a few memory optimisations, a couple of new features and more bug fixes.
AudioNUT lite is avaliable from this page

Changelog:

- Removed duplicate playlist database (reduces memory consumption significantly)
- Drag and Drop playlist editing [Full Version Only]
- Optimised shuffle function
- Optimised various library functions
- Optimised console logging
- Optimised album removal from library
- Fixed WAV files displayed as 'Unknown' codec
- Removed some unnecessary code
- Added directory selection to the batch converter
- Updated BASS libraries to latest versions
- Fixed crashes on machines with DEP enabled
- Fixed encoding with Nero AAC encoder
- [Lite Version] Fixed ultra-slow shuffling speed on Windows Vista
- [Lite Version] Fixed move up/down buttons

Download:
Use AudioNUT Update if you already have an older version of AudioNUT (1.9.5 or higher).
Simply replace 'C:\Program Files\AudioNUT\AudioNUT.exe' with the updated version.

Update (7z): AudioNUT v1.9.5+ To v1.9.30 Update (598KB)
Installer (MSI): AudioNUT v1.9.30 Full Installer (2.91MB)
Source (7z): AudioNUT v1.9.30 Source Code (1028KB)

Windows Vista Users:
You may get an error message complaining about MSCOMCTL.OCX if you have disabled UAC.
To fix this follow the steps below:
Step 1: Press Window Key + R, then run 'regsvr32 /u mscomctl.ocx' (without quotes)
Step 2: Press Window Key + R again, then run 'regsvr32 mscomctl.ocx' (without quotes)
AudioNUT (along with any other program which requires MSCOMCTL.ocx) should now run properly.