GOMplayer is a FREE media player with popular audio & video codecs built-in. GOM Player includes many codecs (XviD, DivX, FLV1, AC3, OGG, MP4, H263 and more) so you won’t need to install separate codecs for most videos.
Along with different media format such as AVI, MPG, MPEG and DAT, GOM Player also supports streaming Windows media format (WMV, ASF, ASX).
After I have used GOM player, I have uninstalled all the other media players and codec packs from my PC (and my PC said finally! ;). Thanks to Arstan for letting me know about this great media player.
http://www.gomplayer.com
Need to check. Currently I use KMPlayer. It uses internal codecs too. Very fast, very nice and has many-many settings. Worth to check! http://www.kmplayer.com/forums/index.php
Thanks for the link Igor, I have checked the software, looks very impressive!