if its for anime, use the cccp http://www.cccp-project.net/wiki/index.php?title=Main_Page if it isnt, use vlc www.videolan.org
Bull----, it doesnt play all files. http://www.free-codecs.com/download/XP_Codec_Pack.htm use that XP Codec pack. I use it and I can play anything that I try (not saying it will play every file type, but i just stick to the general file types like .wma, .avi, .vob, etc etc.)
vlc is great for divx but there are some times when I wanna just use winamp because vlc has some major resource usage issue issues IMHO