The KMPlayer
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Full user review
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"Brilliant, deep, outstanding!"
Pros
I've tried a large number of media players over the years, and this one is by far the best of them all. Supports a huge array of file types, it's vastly customizable, it even supports my tv tuner card better than anything else I've tried (and I've tried quite a few, originally settling on that cumbersome mess WinDVR 3).
It even plays HD wmv files on my computer, which is a slower Athlon 2400, far faster and clearer than Windows Media Player. I can't stress it enough, this really is the end all be all of media players! It's free too! Amazing!
Cons
Settings can be a little overwhelming if you want to tinker with them. Support is mostly community based. Program is obviously not domestic (ie: a microscopic amount of engrish in one or two of the options menu's descriptions.)