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http://www.winmatrix.com/forums/index.php?/topic/25528-new-wmp12-with-taskbar-toolbar-for-windows-7/How do I get the WMP toolbar like on XP and Vista?
However, the toolbar isn't *actually* needed, because of 7's active previews and thumbnail hover:

Main controls there except for volume, which you can (probably) control from your keyboard anyway. Hovering over the thumbnail itself pops up WMP, and from there you can easily see what song you're playing in real time - however, for some completely weird reason, that method only works if WMP is not minimized. If WMP is minimized, when you hover over the thumbnail you will only see WMP as it was when you minimized it - currently playing track and position included.
Which brings me to my list of beefs with Windows 7:
WMP thumbnail hover borked when minimized
Safely Remove Hardware & Eject Media context menu takes AGES to pop up on both left and right-click
(that's it. lol)