VLC Media Player
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Full user review
"Simply the best video and audio player available."
Plays every video format known.
Plays every audio format known.
Requires no codecs or additional software.
Will sync videos with out-of-sync audio.
Plays every type of subtitles file known.
Outputs in any screen format.
Will stream video, allows color, tint, and contrast adjustments
Records corrected video, adds watermarks.
Complete API interface to work with you applications or websites.
The interface is still as simple and plain as the day it was born.
Not very flashy controls.
Simply the video/audio best you can get - commercial or free.