I have used sbagen-win-1.4.3.exe for several months on XP Pro. Has a Linux and Mac port if that is your thing.
Its free and it works. I run it out the sound card on my laptop to big high-fi headphones. You can make wav files then burn them to CD if you wish, but you must use good headphones, speakers will not work.
I have no affiliation with these people.
Searching google you can find it
SBaGen -- Binaural Beat Brain Wave Experimenter's Lab SourceForge.net: Files
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