At the adress sompy.com, you wil find free softwares for both movie encoding and movie player.
I've read somewhere that the sompy player is the the continuation of the TCPMP project. TCMP is a great player, the one I'm using on my i320, to read most video formats on windows mobile 5. So, their sompy player should be performant, even if I read it had less compatibility than TCPMP.

What interests me more, is their release of a video encoder. I must say, I experienced problem to proprely compress one tv show, because the format didn't seem to be well taken in charge on my PC. And it was not my firts time! Event the so cool VirtualDub asked for specific video codec, while the audio part messed up the audio stream.
I then installed the Sompy encoder, and in the first try, my file was done. The encoder has a preconfigured mode with a one-click process button. You can also choose to put yourelf you desired configuration such as bitraten screen size, frame rate, etc....

Enjoy.