This article is from the CD-Recordable FAQ, by Andy McFadden (firstname.lastname@example.org) with numerous contributions by others.
The default audio player in Win95 tries to load the entire file into
memory. When an extracted track is 40 or 50MB, and you don't have that
much RAM, Win95's virtual memory system starts writing pieces out to disk.
The disk thrashes, and you get nowhere.
There are several ways around this. If you right-click on the file
and select "properties", you will see a "preview" tab. This will play
it directly from disk. Another way is to use a different program.
One possibility is the Media Player, which is optionally installed
with Win95. You can make it the default WAV file player by selecting
View/Options from Win95 explorer, clicking on the "File Types" tab, and
choosing "Wave Sound". Double-click on Play and change the program name
from "sndrec32.exe" to "mplayer.exe", leaving the "/play" and "/close"
The WMA player in more recent versions of Windows should work correctly.