When you double-click on a musical instrument, a music sample will play if you succeed and an ugly noise will occur if you fail.
When playing a musical instrument and standing still you will regain some of your stamina, the amount you regain will be higher the higher skill and specialized bard class you are.
This skill is also checked automatically each time you try to use one of the three specialized bard skills (discordance, peacemaking or provocation).