There are many players that we use everyday for Playback or Streaming Purposes on our PC, But there are few who are actually reliable and does the job properly!
VLC is one of them!
Its a Simple UI Interfaced Player, Thats Layout and Design seems to be so much ordinary but dont go by its look as it is one of the most Powerful and Portable Player Out There.
It supports all the Video and Audio Formats available out there, with many great Features, Like Cutting Video, Recording, Screenshot Capturing, Zooming an Panning and lots more.
And the Installation package is small too!(20 MB .exe file and Installed folder will take like near 100 MB of your storage; so thats not a huge one!)
Actually it came down to me by a friend of mine, he suggested me to try it out(Then I was unaware about the software and all stuff so I was kinda newbie that time!). And I did and instantly it got my favorite. Since then its in my Installed Programs List!
In the end I would say, If your looking for a Video and Audio Player that is quite simple but filled with great features and does the Job done then VLC should be the choice here.