From FastStone Soft:
FastStone Player is a free multimedia player that lets users play all common media files (MP3, DivX, XviD, MPEG, Windows Media, and RealMedia) within one program, with high flexibility and simplicity. It employs a Windows-Resource-Explorer user interface to allow ease of media-file access. Special but lovable features, such as Slow-Motion, Frame-Step, and Zoom-In, are nicely supported. The track bar controls adjust volume, balance, and clip position, with mouse-wheel support. Version 3.2 fixes some bugs.