VLC media player is a multimedia player, framework, streamer, and encoder. It can play inputs like files, network streams, DVDs, audio CDs, Blu-Rays, capture devices, and screens. It can play most audio and video codecs and formats (MPEG 1/2/4, H264, VC-1, DivX, WMV, Vorbis, AC3, AAC, MKV, etc.), but can also be used to convert to different formats and/or send streams through the network.
MPlayer is a movie and animation player that supports a wide range of codecs and file formats, including MPEG 1/2/4, DivX 3/4/5, Windows Media 7/8/9, RealAudio/Video up to 9, Quicktime 5/6, and Vivo 1/2. It has many MMX/SSE(2)/3Dnow(Ex) optimized native audio and video codecs, but allows using XAnim's and RealPlayer's binary codec plugins, and Win32 codec DLLs. It has basic VCD/DVD playback functionality, including DVD subtitles, but supports many text-based subtitle formats too. For video output, nearly every existing interface is supported. It's also able to convert any supported files to raw/divx/mpeg4 AVI (pcm/mp3 audio), and even video grabbing from V4L devices.