Though we already have media players like Mplayer, VLC, GOM etc. which are well capable to deal with several multi-format media types. But still if you feel there is something missing in, then why not just try a relatively new video player called UMPlayer which is an open source application which has bought all the features from the original model but have some advanced new features like the ability to run the TV or Radio online stations. With this player not only you can run the online steaming but also can record or your local disk. It also gives you the flexibility to search video files from Youtube or Shoutcast network.
This also has well enabled the most of the codecs these days we have along with the several file formats; to tackle them it has more than 200 codecs included along with the installation. There is also an option to load subtitles from OpenSubtitles.org after detecting the title of the movie that is already playing. The detecting operation runs automatically and the chances to find the right subtitle for your foreign movie are pretty high. Another important aspect of this player is the small usage of the system resources while running, compared to its bigger opponents.
By default it comes with a basic and simple user interface skin but in case if you are not satisfied with the layout you can use additional skins to reset the original interface.
Download from here