From FreeSoftware Mac User Group:
Portable VLC OS X is the VLC
video stream and multimedia palyer packaged as portable application so you can carry around with you on any portable device, USB thumb drive, iPod, portable hard drive,memory card, other portable device (also on your internal hard disk) as long as it has 80 MB of free space and use on any Mac OS X computer, taking your preferences with you.
How to install
1. Drag "Portable VLC OS X" folder to your portable device, USB thumb drive, iPod, portable hard drive, memory card, other portable device (also to your internal hard disk) as long as it has 80 MB of free space.
2. Clicking "Portable VLC" will open VLC from your portable device, wait a while before VLC start.
3. If a local copy of VLC is running an alert window allow you to quit it.
Using your data
You can copy your user preferences to Portable VLC when "Copy preferences" window ask you. So, if you wish to use your bookmarks, history, preferences you already have on your system, just click "Yes" when prompt.
VLC application, preference file and folder are inside the bundle:
VLC is packaged using the Platypus script wrapper fromhttp://sveinbjorn.sytes.net/platypus
Post questions, tips, suggestions, clues, helps, bugs to our OS X Portable Applications support forum