Can someone recommend a music player that plays mp3 and flac and ogg and oren....

Try Daum Potplayer. I know it plays almost everything, without extra codecs. But it prompts you to install extra codecs (free). You can definitely create and edit albums with it. I don't know if it contains enough options for you, as I don't use it that way. But it's probably the best free media player I have tried, and I have tried many...

Nope

A friend of mine went on and on about this recently but I wasn't paying enough attention...
I just sent them a text; if I hear anything back soon, I'll let you know.

Edit: he's using MediaMonkey

Audacity will let you do all that, I'm pretty sure, but it's more an editor than just a player.