PCM stream playback software for windows

We require a stream player application to run on a client PC that will take a PCM/uLaw audio stream input, decode it and output the audio stream to the PC speakers with very low latency. The aim of the system is to provide a very fast streaming receiver to enable audio to be received and processed with minimal delay e.g. for applications where syncing with a video signal is important. A more detailed description is contained in the attached file.