will i be able to play it in winamp, and bung it on my mp3 player?
i know nuuuuuuthing, meeeeester fawlty!
After a mount, you'd have to rip whatever it is that it's on the image. Consider that image to be an unknown music CD--you don't know what it contains or what formats there are.
In other words, what you do when you mount the image, you make it accessible to your media player(s). So my guess is that you probably can play it with Winamp.