I find that VLC (
http://www.videolan.org/vlc/ ) can play pretty much anything you want to play. This includes bin/cue files of a VCD without burning them to disk, DVDs, etc. It doesn't play quicktime, real media, or windows media player movies though. I have never had it break on any uncorrupted file, and it handles corrupted ones with grace. The only problem is that it's pretty hard to seek with it.
Another option would be to get mplayer (
http://www.mplayerhq.hu ). It's designed for linux, but I believe there's a windows build. It's "crippled" for windows in that you can't play quicktime, real media, or windows media player movies with it, but other than that it should work great.
Edit:
I just downloaded the latest VLC, and seeking is actually usable now, so forget I said seeking was bad
