From Media Player Classic - Homecinema:
Media Player Classic Home Cinema is a light-weight media player for Windows. It looks just like Windows Media Player v6.4, but has many additional features. You can use the player as a Media Player Classic Home Theater. It has built-in codecs for MPEG-2 video and codecs for LPCM, MP2, AC3 and DTS audio, and also contains an improved MPEG splitter that supports playback of VCDs and SVCDs using its VCD, SVCD, or XCD Reader. An AAC decoding filter makes MPC suitable for AAC playback in MP4.