FIRST AND FOREMOST
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- be sure to set all your IDE disks to use DMA transfers:
hdparm -d1 /dev/hda
 or even
hdparm -A1 -X66 -c1 -d1 /dev/hda

Please see the man-page for hdparm for explanation of the other options.
Can also be applied to CDROMs.

- run your own optimized kernel
(kernel building IS fun)


MPLAYER
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- use -vo xvidix or -vo xv to offload work to your gfx-card
- use a natively (especially for your CPU) compiled mplayer
(again, this is fun and you will learn)
- use hdparm -u1 -A1 -a 160 <device-your-movies-comes-from>
- nicing to -5 or -10 already helps, but requires root-privileges


XMMS
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- really should never skip, even at considerable background-compiling load
go and compile it with CPU-optimizations for your CPU
- set the output-buffer to a higher value
( Preferences -> Output Plugin -> configure -> Buffering -> Buffer size(ms)
Enter something like 2500 oder 3000 )
- use a decent soundcards that actually does things in hardware
Switching from ISA- to PCI-cards helps a lot
