VLC Player supports almost all the existing codecs so you don't have to keep track of all the codec packs that you need to get installed. VLC can even play files that are partially damaged and unreadable by other media players.
VLC Player has the largest list of supported audio formats in the media player industry. The supported formats are MPEG, MP3, AAC, AC3, Vorbis, E-AC-3 (Dolby Digital Plus), DTS, WMA, FLAC, Real Audio, ALAC, Speex, MIDI, AMR and the list goes on.
VLC supports numerous video formats including MPEG, DIVX, MPEG-4, H.261, H.263, H.264, Cinepack, Theora, Dirac, MJPEG, WMV, WMV-3, Sorenson, DV, ON2 VP3, Indeo Video v3, Real Video and a few others.