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It works but it is generally not a good idea to run programs with admin rights. Winamp just comes from a time where everybody had unlimited acces to everything, so it was not a problem to put the presets folder in the program directory. But Microsoft had very good reasons to limit access and to separate program space from user space.
If winamp was redesigned, it would have to move the presets folder somewhere else into the user directory, and this is really what you should do, rather than giving it admin rights.
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