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VLC media player is a highly portable multimedia player for various audio and video formats (MPEG-1, MPEG-2, MPEG-4, DivX, mp3, ogg, ...) as well as DVDs, VCDs, and various streaming protocols. It can also be used as a server to stream in unicast or multicast in IPv4 or IPv6 on a high-bandwidth network.

Click here to check more about VLC and other video player

Installation:
1)Remove old VlC

Remove the previous version of VLC to avoid a conflict when you upgrade.
From terminal:  sudo apt-get remove vlc

2)Include new repository.

Click System ->Administration ->Software Sources ->Third Party Software.

Add in this repository: deb http://ppa.launchpad.net/c-korn/ubuntu intrepid main
Close Software Sources & Click reload/refresh the repositories.

3)Install vlc

To install Vlc: sudo apt-get install vlc