Which is the best media player for transcribing ?

Hey I am looking for the best media player to use when transcribing some audio files.The files are in .wav format.When using windows media player I am not able to slow the speed at which the files play.Also when rewinding..it goes back some few seconds even if I just need to go back 2 or three seconds..So basically I am looking for a free player which I can somehow slow the speed of playing and also rewind to just some few seconds....Any ideas