VLC media player is - FREE
The cross-platform open-source multimedia framework, player.

Having problems with Windows Media Player? 
Even though Windows Media Player comes with Windows Software, it doesn't come complete.  Eventually you'll run across something that  requires an MPEG-2 DECODER, or maybe a DVD won't play, but when you go to windows to see how to correct the problem they will take you to a page where you can PURCHASE an MPEG driver.  VLC is free too, and it comes with everything you'll need including the mpeg-2 decoder.  You do not have to get rid of your old Windows Media Player (WMP), but the more you use VLC the more you'll like it and you'll find that your using WMP less and VLC more. VLC media player is a highly portable multimedia player and multimedia framework capable of reading most audio and video formats (MPEG-2, MPEG-4, H.264, DivX, MPEG-1, mp3, ogg, aac ...) as well as DVDs, Audio CDs VCDs, and various streaming protocols.

Download VLC media player - HERE
See the full features list - HERE