Why not use MPC-HC or VLC instead of overcomplicating things like that? I'm fairly sure both of them supports ASIO output.
In foobar you can play audio part of almost any video files using Command-Line Decoder Wrapper
Why do you need ASIO/WASAPI audio output?
Judging by your signature... very funny.
I wouldn't consider myself an audiophile since i don't even have the expensive setup, but I do have the ears to judge.
ASIO output keeps a good level of volume of all channel/matrix. With ASIO output i'm able to really hear the Rear & Center (top/bottom) a "LOT" more because it makes it more audible but not necessarily degrading quality (I don't hear it that way unlike EQ's). The sounds with ASIO output is richer and deeper=more life.
With the ASIO plugin for Foobar i'm able to choose what channels go where. So in my case i'm running a stereo setup and I send all left (surround) and right (surround) to left/right respectively.