VideoLAN is a software project, which produces free and open source software for video, released under the GNU General Public License. Its support most of the video for mats like FLV (youtube), VOB (DVD), DIVX,AVI,MOV,MPG Etc ..Now VLC released version 0.8.6i.
VLC Is just look like classic player. But you can download different type of skinks from www.videolan.org.
If you apply following skin to VLC player, It will give a look of windows media player 11.
Download Windows media player 11 skin for VLC Player