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VLC (initially VideoLAN Client) 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.

Playing back .MP4 H.264 encoded movies:

• Use VideoLAN which has a built in .MP4 reader and H.264 decoder
• Use Media Player Classic or Windows Media Player and ffdshow
• For more information on how to play back, encode and convert MP4 files, please refer to our MP4 Usage Guide

The official change log for version 0.8.6i is as follows:

• Security updates:
  • Fixed integer overflow in WAV demuxer (CVE-2008-2430)
• Various bugfixes:
  • Fixed option to use shared memory within the GLX video output module
  • Improved galaktos-based audio visualizations on FreeBSD
  • Miscellaneous bugfixes in multiple modules and in libvlc (transcode stream output, OSD menu video filter, VCD input, SAP services discovery, http control interface)
  • Updated Polish translation

You may download this updated version here.