Media Player Classic (MPC) is a perfect subsitute for Window Media Player and it look just like the old window media player 6.4. But it is much more powerful in term of the supported file format and less resource consume compare to the Latest Window Media Player.
Media Player Classic support for subtitles, QuickTime and RealVideo support (requires QuickTime and/or Real Player); built-in MPEG2/SVCD/DVD codec.
Media Player Classic also supports SVCD/CVD selectable subtitles and lots more. The best part about Media Player Classic is the ability to modify the filters when playing your favorite video files.
It do have a lot of interesting features where you may never thinking about it, please try it out by your own.
Personally this is my favorites movie player and I'm being use for at lease 2 years.