The Kmplayer is a good player

The Kmplayer - a powerful multi-player allows
reproduce just a huge number of different types
files (graphics, flash, audio and video, of course) while
easy and fast interface, relatively small in size
and what is nice is that it does not require third-party codecs, because all the major
already go along with it.

The player’s capabilities are described in more detail on the wiki :

• Playing streaming and non-streaming video and audio of various
  formats, both open and closed
• Embedded codecs (mainly used by libavcodec library)
  for almost all types of files that are not registered in the system, that
  allows you not to litter the system with unnecessary entries in the registry, break
  head how to play any file. A side effect of this
  is the ability to work with removable media.
• Playing under-downloaded and corrupted (“broken”) files
• Ability to store settings in the registry and in the file
  configurations.
• Ability to use the program as a portable
  the player by installing it on a portable storage device
  for example, a “flash drive” or on read-only devices
  (CD-ROM, DVD-ROM, cd-rw, etc.). The latter is possible if removed from
  folders of the player files gen_hotkeys.dll, gen_ml.dll, gen_ml.ini,
  ml_win_media.ini.
• It has high-quality support for subtitles of various formats, including
  including .ass
• Built-in subtitle editor
• Very extensive configuration options. In particular
  video, so you can significantly reduce the quality
  pictures, which is convenient if the video “slows down”, and to improve that
  convenient if you have low quality video.
• Allows you to play an external audio track.
• The ability to use plugins for Winamp
• There is support for skins.
• Capturing video from file (without audio track) (for video, for example)
• Audio capture
• Ability to translate a graphical interface into all languages
  via text files

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Personally, I first encountered this player when I was looking for a player that
seamlessly able to reproduce DTS audio, and having fallen in love, it turned out to be a worthy replacement for a set of equally favorite Winamp and
light alloy (which at that moment had problems with correct
DVD playback)
He captivated me with such qualities:

• omnivorous (including playing flash video and working with
  TV tuner);
• a large number of reasonably grouped settings;
• thanks to the built-in codecs (although you can connect and external) no
  the need to install codec packs and search for conflicts in them;
• the ability to create screen lists
• free of charge

Therefore, if someone is interested in this player - then you are welcome:
official forum (the original language is Korean, but there is an opportunity to switch to English + in the presence of the Russian section)
a branch on the Ru-Board where you can learn almost everything about this player and get quality help

You can download it here:
the latest release is 2.9.3.1428/1429 (12/16/2007)
the last beta 2.9.4.1434 (12/22/2008)