Ever since the very beginning in the year 2000, the BS.Player™ has been one of the world’s most popular video player. It is popular for many reasons, one however should be pointed out: BS.Player™ is the first movie player ever to enable its users to focus on watching the movie instead of dealing with poor computer capabilities or running around looking for a proper setting and codec. Also, it has very low CPU and RAM requirements.
 
Features
- Display subtitles - Support custom subtitles position, color, font, transparency,... Supported formats: MicroDVD, SubViewer, SubRip. The subtitles only appear on the computer monitor. Not on the television set hooked to the computer.
 - Fully skinnable - Any shape, transparent skins...
 - Resizable and borderless movie window
 - Multilingual
 - Drag-and-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 than 2 audio/video tracks, supports embedded subtitles/chapters
 - External audio file supported
 - External chapter file supported
 - S/PDIF output supported for AC3 files (with Intervideo audio decoder)
 - INI files
 - Remote control support via WinLIRC
 - Bookmarks
 - Simple equalizer (DirectX 8 required)
 - Playback rate (½×, 1×, 2×) and custom speed
 - 3rd-party plugins
 - Customizable Equalizer
 - Support for Capture and Tuner devices (and Teletext support)
 - Capture Video from capture device to file
 - Integrated subtitle editor
 - Network file buffering
 - Support for Flash playback
 - Improved subtitles
 - Improved VMR9 support
 - Sackmann PUT0 isn't supported
 - Technical e-mail support
 - DVD support (MPEG-2 codecs required)
 
Note: BS.Player freeware version came bundled with WhenU Spyware. However the Pro version which is featured in this post is a premium version which is completely free of spyware and any other threat so you need not worry.
Read comments for more information.