Yes, but it's even more likely that your comp is at fault: if files don't seem to play if you launch them, try waiting for awhile. If they won't play, double-click them.
RAM (among other things- can greatly affect the mp3 player's performance.
Fortunately, we've got a promise of an improved player for 4.2

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iMac G4 OSX 10.3.9
RAM 256MB
LW 4.10.5 Basic
ADSL anything from 3 to 8Mbps/around 1024kbps

"Raise your can of Beer on high
And seal your fate forever
Our best years have passed us by
The Golden Age Of Leather"
-Blue Öyster Cult-