VLC Media Player 1.1.2

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Price: Free
Size:18.5MB
Operating system: Windows 2000/XP/2003/Vista
Official site: www.videolan.org

VLC (initially VideoLAN Client) is a highly portable multimedia player for various audio and video formats, including MPEG-1, MPEG-2, MPEG-4, DivX, MP3, and OGG, as well as for DVDs, VCDs, and various streaming protocols. It also can be used as a server for unicast or multicast streams in IPv4 or IPv6 on a high-bandwidth network.

The media player that fills all your needs. It can handle DVDs, (S)VCDs, Audio CDs, web streams, TV cards and much more.
You don't need to keep track of a dozen codec packs you need to have installed. VLC has all codecs built-in. It comes with support for nearly all codec there is.
And what is more it can even play back the file or media if it is damaged! Missing or broken pieces are no stop to VLC, it plays all the video and audio information that's still intact.