SCPlay was a freely distributable player for SC that
allows to use compressed libraries. It was available
for each version of SC2 at http://www.audiosynth.com/pub/updates/.
if you have problems using SCPlay, have a look at testing SCPlay
due to the fact that sc2 is now freeware, there is no way to compress a library any more. all old projects have to be opened up if there is a change and can be run in sc2