The very popular desktop media player VLC Media is now available for download for your Android devices . The app is currently under the beta version .
The VLC Android app is available only for the select hardware that run ARMv6/ARM11, ARMv7a/Cortex-A8/NEON and ARMv7a/Cortex-A9 architecture based processors. So if you have smartphone that has Nvidia Tegra 2, TI OMAP 3 or OMAP 4, Samsung Hummingbird or Qualcomm Snapdragon inside, then you can certainly try out the VLC for Android.
The VLC app is not yet available on Android store , but the source for the program is available online , you can download the app from the XDA Developers Forum