VLC media player, one player plays all formats
Video Lan Player (VLC) is a one of a kind Audio and video player. VideoLAN is a software project, which produces free software for video, released under the GNU General Public License. It has got everything one would ever want in a media player. It is free, supports a seemingly infinite formats of Audio and Video, has live streaming support and so on. It can act both as an http server as well as an http remote. You can read more about VLC at VLC documentation
The list of Media types supported by VLC could not be said in a paragraph, it is an exhaustive list. But you can see it here - which all Media formats are supported by VLC. From my experiments with VLC it has never once crashed, nor have I met with a file which I could not play on VLC. The team at VLC has done an amazing job and it will be nice if you could donate for this really nice project.
Pros :
Free ware under GNU License, almost all media types supported, can fix errors in Video streams and files, plays files including mkv and flv, plays DVD files on HDD with subtitles, plays mp4files with subtitles, a large database of help and support. VLC is available for almost all platforms
Cons :
has some problems dealing with Windows Media Video wmv files during skips, skipping not possible for Flash video files flv.
Price : Free
You can downlod VLC media player for Windows from here, and VLC for MAC here. There are separate packages for different Linux flavors which are available here.
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