I do not know that much about the player function of LW, since I do not use it by myself. I'm more into videos.........

But I do believe that all files you've got in the share folder can be played. LW offers continous paly and shuffle.
Regarding BS and updates, I reckon you reading here (might be intersting for you):
http://www.gnutellaforums.com/showthread.php?t=53386

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