Source is available on GitHub, with some atrocious terms and conditions:
You waive any rights to claim authorship of the contributions or to object to any distortion, mutilation, or other modifications of the contributions.
…
You may not create, maintain, or distribute a forked version of the software.
But they “encourage” contributions!
When I heard about this I was, momentarily, excited. But of course it seems the company that got its hands on the product either don’t understand what they have or are incapable of properly handling it.
I’ve been using Winamp for decades now, which is a weird thing to say because I don’t consider myself old (yet). I still have Winamp 2.95 installed on my current PC and use it pretty much daily because nothing else, even today, comes close to the user experience.1 That’s not to say it’s perfect, but it fits my needs.
For reasons, today’s news inspired me to finally try Wacup. A fan project inspired by Winamp, built around a plugin system, designed to essentially take the best of Winamp and bring it fully into the 21st Century. With proper scaling and high-DPI support, built-in FLAC support, and more, it brings in lots of quality-of-life features without sacrificing any of the things that made Winamp special.

They can even look the same! Top: Wacup. Bottom: Winamp.
Wacup even comes with a faithfully-recreated Classic skin for codgers like me who like that aesthetic. I’m still tinkering with some of the font settings and might go for a different skin in the end, but I think as long as it stays stable and light on the memory footprint, it’s going to be here to stay. 10/10, highly recommend.