Zoom Player is a robust media and DVD front-end player. Zoom Player works in two modes. A media mode which can play any file supported by DirectShow (any file which plays in MediaPlayer) and a DVD mode which uses pre-installed DirectShow DVD filters to play DVD content.
And the best: its Freeware. Click on Read More... to see what's new and a direct download link.

Changes in Current Version:
Fixed a bug where transparent skins wouldn't show transparently when switching skins
Fixed a bug that would cause Zoom Player to crash if the Override VMR setting was enabled
Fixed a bug that would cause Zoom Player to crash if a Transparent skin was used under certain conditions
Fixed a bug that could cause Zoom Player to crash when the DVD Trailer feature was used Direct Download