Seems like numbers reported by task manager are your only problem here, and I don't see anything wrong about foobar2000 itself
Perhaps some people have a problem with their ego, looking at "notepad-ish player" they expect it to use as much memory as notepad itself.
In other words, "mem usage" in task manager is some useless number they want you to see.
But this is only a part of the total virtual memory allocated by all the processes. i.e. the "VM size" label on the processes tab is misleading. This is simply process-private, writeable virtual address space. It's what the Performance applet calls "Private bytes" for each process, and system-wide calls "Committed bytes". The sum of the actual pagefile usage, plus the physical memory used to realize such virtual address space, is what shows up as "committ charge", et al. You can think of this figure as the maximum potential pagefile usage: If somehow everything in RAM had to be dropped to make room for other stuff, this is how much pagefile space would be needed. Some of it will usually already be in the pagefile at any given moment. If you want to know the current actual pagefile usage, get the current pagefile size from either explorer or the system control panel applet, then look at the "%usage" counter under the Pagefile object in the Performance applet, and multiply.