Multiple Programs – STUDIO.EXE
Most commonly, studio.exe installs with WinAmp, a popular media player by Nullsoft. This file will be running when you're using the Nullsoft Advanced Visualization Studio plug-in for WinAmp. Visualizations attempt to represent sound using visual imagery. More information can be found at http://www.winamp.com/nsdn/winamp/plugins/avs/.
A file called studio.exe also installs with Stylus Studio, an XML integrated development environment. More information can be found at http://www.stylusstudio.com/xml_product_index.html.
A program by this name also installs with MidiSoft Studio XP (2002) by Interactive Digital Design. This program is needed when creating, editing, or sequencing midi music files. More information can be found at http://www.iddincusa.com/.
Because this is a relatively short and common name, It's possible that other programs may be using it.
Safe