Remote Control gadget will display the current song title (if you have enabled scrolling) playback position and volume level; it will let you control from the Windows sidebar the Winamp volume, and also rewind or fast forward the current track, skip tracks.
You can create custom skins for this gadget. Clicking the title area will run and/or show Winamp. If you uncheck “Show Winamp in taskbar” in Winamp preferences you can free up space.