VLC Media Player

They might as well change the name from VLC Media Player to VLC Media Do-Anything-With-er.

It plays pretty much any media file, in pretty much any format, but also lets you convert to/from pretty much any type of media (.flv to .mp3, .wmv to .mp4, .___ to .___, etc), stream audio/video, and it even offers things like Video-On-Demand capabilities. EXCELLENT software.

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