Windows 7 64Bit Tests:
//var %lag = $ticks , %sound = c:\windows\media\chimes.wav | splay %sound | echo -a * Lag: $calc($ticks - %lag)

returns: * Lag: 31

//var %lag = $ticks , %sound = c:\windows\media\flourish.mid | splay %sound | echo -a * Lag: $calc($ticks - %lag)

returns: * Lag: 3593

//var %lag = $ticks , %sound = D:\mIRC\Nanase Aikawa - Do It.mp3 | splay %sound | echo -a * Lag: $calc($ticks - %lag)

returns: * Lag: 31

For me, they all work, but midi seems to take a LONG time to start, causing mIRC to lock up until the sound eventually starts playing. every midi takes over 3 seconds to start playing.

On a further note, friends who also have w7 have the same issue but the lag seems to vary, some have approximately 1sec lag to play a midi, but also can play wav/mp3. not sure why you can't play a wav. This might be worth mensioning in the bugs section.