Making Winamp skins and visualisation presets is what got me into graphics and coding, which led to web design, which led to my various web-related careers over the last 15 years. I owe Winamp so so much.
Not "wasted" -- those hours led to a quite fruitful career in Web development. Picking apart an application skins and configuration, and learning some of the nasty, filthy tricks you can turn with bitmaps? That is knowledge I still use just about every day.