VLC media player is a highly portable multimedia player that supports various audio and video formats (MPEG-4, MPEG-2, MPEG-1, DivX, mp3, ogg, etc.) as well as DVDs, VCDs, and various streaming protocols. It can also be used as a server to stream in unicast or multicast in IPv4 or IPv6 on a high-bandwidth network. It doesn't need any external codec or program to work.
From Developer's site:
We are pleased to announce the release of VLC media player 0.8.6i. This is a bugfix release. VLC media player 0.8.6h and earlier versions suffer from security vulnerabilities in the WAV demuxer.
This release also includes improved audio visualizations on FreeBSD and miscellaneous bug fixes in multiple modules. We strongly recommend all users to update to this new version.
What's new , Download VLC media player 0.8.6i (Windows)