INFO JALAKAM

Use this if you want to give the Windows Media Player window title something descriptive and creative,for eg. "WMP".(this is non creative and non desciptive title..u can do better)...
Navigate to:
HCU\Software\Policies\Microsoft\WindowsMediaPlayer

and to:
HLM\Software\Policies\Microsoft\WindowsMediaPlayer

set the String Value for the setting TitleBar to the required texet you wish to display...
to revert to the default title,delete the TitleBar entirely.Just restart WMP to see the effect