VLC media player is a highly portable multimedia player for various audio and video formats (MPEG-1, MPEG-2, MPEG-4, DivX, mp3, ogg, …) as well as DVDs, VCDs, and various streaming protocols.It can also be used as a server to stream in unicast or multicast in IPv4 or IPv6 on a high-bandwidth network.
It doesn’t need any external codec or program to work.

VLC Features

Free, Open Source and cross-platform
Independant of systems codecs to support most video types
Live recording
Instant pausing and Frame-by-Frame support
Finer speed controls
New HD codecs (AES3, Dolby Digital Plus, TrueHD, Blu-Ray Linear PCM, Real Video 3.0 and 4.0, …)
New formats (Raw Dirac, M2TS, …) and major improvements in many formats…
New Dirac encoder and MP3 fixed-point encoder
Video scaling in fullscreen