Little Media Player is a free, basic player that offers support for all media formats (video and audio) used these days. It looks like VLC (its overall appearance has definitely been inspired by it) and its official description says it comes with "all codecs built in", which would make it capable of playing all video and audio formats one can think of.
A basic player like this would be the way to go if your computer doesn't have enough resources to stand most modern media players. A light app able to play just all the multimedia content on your PC would be great. But unfortunately, this is not the case. After several attempts to open video and music files in several formats, the player wouldn't work. At first, it was able to open an AVI video, but without sound. My second attempt to open a video failed again; it kept playing the first AVI video (no sound) I used for the test. The test with audio files was as unsatisfactory as the previous ones. With a DVD video, the result was the same; it just fails to open any media file at all.
To sum up, from what one reads on its website, Little Media Player looks like a very promising player for those who don't own a powerful computer, but sadly it just fails to carry out its basic function, at least for me.