foobar2000 is an audio player for the Windows platform. ASIO Proxy for foobar2000 provides ASIO (Audio Stream Input/Output) output support. Now, this is required to be installed for those systems where ASIO is the only method of output.
It is recommended to use the default output modes instead of ASIO since there are no benefits from using ASIO. It may even crash the program due to the bugs present in it.
