I answered my own question, but i thought i would post the solution for those who are interested:
Turns out i didn't need to use winamp at all, instead I used an ASIO driver which gives you full control of all audio sources and input/outputs on your machine there is a free one available from:
ASIO4ALL - Universal ASIO Driver
After you download it you then simply need to configure MP in the advanced settings to use ASIO.
-Dai