Edit in JSFiddle

var player, is_paused;

soundManager.setup({
  onready: function(){
    is_paused = false;
    player = soundManager.createSound({
      url: 'http://alvaroveliz.cl/uploads/2016/03/Mixtape_Vol_04.mp3'
    });
  }
});


$(document).ready(function(){

  // funcion play / pausa
	$('.buttons-play').on('click', function(){
    $('.title').html('755 // Mixtape Vol 04');
    if (is_paused) {
    	player.play();
      is_paused = false;
      $('.buttons-play span').removeClass('fa-play');
      $('.buttons-play span').addClass('fa-pause');
    } else {
    	player.pause();
      is_paused = true;
      $('.buttons-play span').removeClass('fa-pause');
      $('.buttons-play span').addClass('fa-play');
    }
  });
  
  // funcion stop
  $('.buttons-stop').on('click', function(){
		player.stop();
    is_paused = false;
    $('.title').html('Ejemplo de player');
    $('.buttons-play span').removeClass('fa-pause');
    $('.buttons-play span').addClass('fa-play');
  });
});

<div id="player">
  <div class="buttons">
    <a href="#" class="buttons-play"><span class="fa fa-play"></span></a>
    <a href="#" class="buttons-stop"><span class="fa fa-stop"></span></a>
  </div>
  
  <div class="volume-and-time">
    <div class="time">00:00 / 00:00</div>
    <div class="volume">
        <input type="range" name="points" min="0" max="10" value="10">
    </div>
  </div>
  
  <div class="title">
    Ejemplo de player
  </div>

</div>

body {
  font-family: 'Quicksand', 'Helvetica', sans-serif;
}
#player {
  border : 2px solid #ddd;
  background: #DDD;
  width: 400px;
  border-radius: 5px;
  padding: 20px;
  position: relative;
  box-shadow: 1px 1px 1px #444;
  .buttons {
    a {
      display: inline-block;
      border: 2px solid #373B41;
      position: absolute;
      span {
        color: #373B41;
      }
      &.buttons-play {
        width: 40px;  
        height: 50px;
        border-radius: 60px;
        padding-left: 25px;
        padding-top: 15px;
        font-size: 2em;
      }
      &.buttons-stop {
        width: 25px;
        height: 28px;
        border-radius: 40px;
        padding-left: 13px;
        padding-top: 10px;
        top: 35px;
        left: 100px;
      }
    }
  }
  .volume-and-time {
    display: inline-block;
    position: absolute;
    top: 20px;
    right: 20px;
    .time {
      text-align: right;
      color: #999;
    }
    .volume {
      margin-top: 20px;
    }
  }
  .title {
    border-top: 1px solid #CC6666;
    padding: 10px;
    margin-top: 80px;
    text-align: center;
  }
}