Free VLC Media Player 1.0.3

VLC Media Player is a Multimedia Player application that can play many types of files and audio and video formats (MPEG-2, MPEG-4, H.264, DivX, MPEG-1, mp3, ogg, aac ...) without the need for additional codices or other programs.

VLC Media Player can also be used as a server to stream in unicast or multicast in IPv4 or IPv6 on a high-bandwidth network.

VLC media player is a highly portable multimedia player for various audio and video formats as well as DVDs, VCDs, and various streaming protocols without external codec or program. It can also be used as a server to stream in unicast or multicast in IPv4 or IPv6 on a high-bandwidth network.
VLC can play:

* MPEG-1, MPEG-2 and MPEG-4 / DivX files from a hard disk, a CD-ROM drive, and so on
* DVDs, VCDs, and Audio CDs
* From satellite card (DVB-S)
* Several types of network streams: UDP / RTP Unicast, UDP / RTP Multicast, HTTP, RTSP, MMS, etc.
* From acquisition or encoding cards (on GNU / Linux and Windows only)

Download: VLC Media Player 1.0.0 RC4

VLC is now compatible with Windows 7. And also there are many skins which can be found for free on http://www.videolan.org/vlc/skins.html to beautify the VLC