ProjectM is an open source music visualizer based on the Milkdrop plugin for Windows/Winamp. It now has a Qt GUI that can visualize your audio output through either JACK or PulseAudio, in addition to a component. This wiki currently focuses on the PulseAudio standalone GUI.
Once everything is install just do the following from the command line:
Controls (these are listed in the menu under "hotkeys":
m - brings up a menu f - toggles fullscreen on/off l - "locks" to a particular preset y - toggles shuffle mode n - next preset p - previous preset r - selects random preset F1 - Help menu F2 - Toggles song title on/off (doesn't work in libvisual or pulseaudio as far as I can tell) F3 - Toggle preset name on/off F4 - Toggel rendering info on/off F5 - Shows fps
The first PulseAudio sound output device is used from the list shown by the command
If this is not the device you want to use, the easiest thing to do is to press 'm' to bring up the menu, then Settings > Pulse Audio Settings. Uncheck the checkbox at the bottom which says "Try first available playback monitor," then select the correct device. Most likely it is one which ends in ".monitor" (if you want the visualizer to visualize what's being output/played).
Some information on usage and configuration can be found in the ProjectM FAQ
Otherwise a good place to ask question are the projectM help forums on Sourceforge.