On 060 you should be able to get away with realtime decode at up to 44kHz...
The 040 struggles a bit. I found I could only play 22kHz mono on a 25MHz 040 (that was ages ago, however) if I wanted realtime playback.
I recall there was an mpega.library clone recently that used integer (fixed point) rather than floating point maths and is supposedly a fair amount faster on slower CPUs. Not totally sure, however.
thnx all, sorry for lame questions.
Bad pun ;-)
-edit-
Of course, if you want low overhead, high quality output, you could opt for one of those parallel port decoder things :-)