There are many plugins to change the current song within your Pidgin status (by Pidgin I mean libpurple in general) coupled with your favorite media player. In particular there are such plugins for Audacious (a modern and worthy descendant of the mighty XMMS, love it). Although I don’t use them since there is a much simplier way to do that. You may send the song directly from Audacious up to Pidgin with purple-remote. There is a plugin in Audacious to execute a command when the song change. Just add these :

New song command: purple-remote "setstatus?message=(8) %a - %T"
End of playlist : purple-remote "setstatus?message="
Title change    : purple-remote "setstatus?message=(8) %T"

This will update your status message with your current song. The status will be emptied when the playlist is over. Note that this also works with plugins such as Pidgin-PBar.