secutanudu,
I don't know how small or inexpensive you were looking for, but the Samsung P2 has a great FF/RW feature that is really good for long files.
I made a short video showing how it works. Let me know if I can answer any other questions.
http://video.google.com/videoplay?docid=-5304050339009096293
--HDTech
I am looking for an mp3 player that has a good fast forward/rewind function. Particularly one that can skip like 5-10 minutes at a time with a single click.
I do not need any other fancy features. I'd like it to be small and inexpensive. Any suggestions?
Thanks!

Chowhound
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