"1) Game Maker 5 + MP3 Music = Errors. Can anyone please tell me how to get it working? (I have to revert to WAV for big loading and compiling times, and a rediculously large file size.)"
http://forums.gamemaker.nl/index.php?showtopic=119499
Works for Game Maker 5 perfectly fine, just import the .gml file in "Scripts->Inport Scripts." It's extremely easy to use, just look at the scripts' names and arguments.