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3nity Media Player is a highly portable multimedia player capable of reading most audio and video formats (MPEG-2, MPEG-4, H.264, DivX, MPEG-1, mp3, ogg, aac ...) as well as DVDs, Audio CDs VCDs, and network streams. 3nity Media Player is a graphical user interface for mplayer.

Features:

It's a free software.
It can play any audio/video file that mplayer supports, that's about 99% of all media files you can find.

It has all features of original MPUI:

Plays hundreds of different video and audio formats, including MPEG-1, -2 and -4 (DivX), H.264, MP3, Ogg Vorbis and AAC (More than 192 Video- und 85 Audiocodecs supported natively). For most media files, no additional codecs are needed (Binary Codec Package is already include).
The most important MPlayer options (aspect ratio, deinterlacing, and postprocessing) can be configured without typing in cryptic command-line options. (But if you want or need some non-standard options, you can still add them by hand).
Support for multiple audio and subtitle tracks on DVDs.
Combines MPlayer's cool keyboard navigation with a mouse-controlled seekbar.
Plays files, network streams and discs (such as (S)VCD or DVD). Drag&Drop supported.
Multilingual user interface : english , french , spanish.
No installation is required to use MPUI/MPlayer. Simply copy the two .exe files into a directory of your choice an run MPUI.
Using a special autorun.inf file, self-playing DivX CDs can be made. This adds only 3.5 MB to your CD, and on the computer playing the disc, no codecs need to be installed.
Both programs are free, licensed under the GNU General Public License.

And adds this ones:

Automatic activation of deinterlace filter in mpeg files, like all other windows players.
Zoom and pan&scan options controlable via numpad, keys 1,5,9 for zoom, keys 4,8,6 for pan&scan.
Can seek broken mpeg files.
Automatically chooses best cache settings based on source drive type (can be customized).
Automatic use of scale filter only when needed (can be customized).
Can select lots of video output drivers and also a customized one.
Updates video window in pause mode.
When changing options only restarts mplayer if needed.
Brightness, contrast, hue, saturation and gamma settings.
Tv/Capture card support.
Multimonitor support.
Dvd Title and chapter selecion.
Dvd menus ,experimental, mplayer support for dvd menus is not very good.
Lot of improovements ...