VLC Media Player
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Full user review
"A must-have player, beats the rest"
1. Plays many, many files
3. Does not "strain" your computer when you use it (it is a small program)
4. Subtitles are supported
5. Simple to use
1.Have to remember to manually check for updates, as (for those who like foreign films or anime) some .flv files will give you a green screen if you don't update the player.
Seriously, best media player ever. I ditched all my other players. Plays almost all formats. Never crashed and very reliable. I highly recommend using this program.