This software is known as VLC Media Player. It is a standalone media player that can play ANY type of media file conceivable, such as MP3, OGG, WAV, AIFF, MP4, MPEG, VOB, WMV, and many, many more.
VLC can also display JPEG'S and some picture files. It has a number of filters, adjustments, and options that make it useful for optimizing videos without completely re-encoding them. Speaking of encoding, it can do that, too. It can convert videos between almost as many formats as it can play. So for those of you who love your media, VLC is a must have.
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