GOM Media Player - Along with different media format such as AVI, MPG, MPEG and DAT, GOM Player also supports streaming Windows media format (WMV, ASF, ASX). You can also watch DVD-quality videos with 5.1 channel audio output. This is Media Player is free. 

VLC Media Player - VLC media player is a highly portable multimedia player and multimedia framework capable of reading most audio and video formats (MPEG-2, MPEG-4, H.264, DivX, MPEG-1, mp3, ogg, aac ...) as well as DVDs, Audio CDs VCDs, and various streaming protocols. This Media Player is free.