There hasn't been a great way to watch, listen, edit and
convert video and audio files for a long time -- until EO Video came
along. You either had to work with the minimal features of Windows Media
Player, or you needed to purchase a high-end multimedia editing package.

EO Video combines the best of both world's at an
affordable price. With it you can watch just about every form of popular video
file, convert and compress video and audio files, and join MPEG and AVI files.
The Explorer-like interface makes it a breeze to find your
files. Just drag and drop your files to the play list, and bingo -- your
watching video -- no matter whether it is an AVI, MPEG, MOV, or Real Media (of
course, you'll still needs all your codecs and players installed, but using a
single interface to watch everything makes it a real uninterrupted pleasure).
Video files play flicker-free, one after the other.
You can create play-lists and watch video -- or listen to
audio files -- non-stop. You can easily convert the files in your play list
from one format to another though I am not sure why you would want to invest
the time to do so.
You can download a free trial here.