BSplayer

BSplayer is an application that plays back all kinds of media files (avi,mpg,asf,wmv,wav,mp3...) and specialises in video and DIVX playback.

Main Features
Display subtitles - Support custom subtitles position, color, font, transparency,... Supported formats: MicroDVD, Subviewer, SubRip
Fully skinnable - Any shape, transparent skins...
Resizable movie window

Multilingual

Drag & drop support
Command line support
Pan-scan and custom pan-scan option
Custom aspect ratios
Playlist support
Resolution changing
Frame capture
AVI files with more than 2 audio streams supported (multilanguage)
Support for OGM files, including more then 2 audio/video tracks, supports embeded subtitles/chapters
External audio file supported
S/PDIF output supported for AC3 files (with Intervideo audio decoder)
INI files
Remote control support - WinLIRC
Bookmarks
Simple equalizer (DirectX 8 required)
Playback rate (1/2x, 1x, 2x) and custom
and lots of other features not listed here, try it out.