Tcpmp

For video, it's the best. I tried MMPlayer, but found it to be quirky, unstable, and underperforming. TCPMP has worked pretty much flawlessly, and it's also free!
However, for audio I think MMPlayer is better. It offers the best hifi equalizer of any of the audio players I've seen. The one drawback with MMPlayer is that you can't listen to music while doing other tasks. For that you have to use Pocket Tunes. One other tip, if you want to listen to Internet radio (ie. shoutcast.com), you should upgrade Pocket Tunes to the Deluxe version. I did, and it's awesome to be able to listen to all kinds of stations.

good luck
 
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