VLC Media Player is a free and open-source multimedia player that supports a wide range of file formats including MPEG, AVI, MP4, WMV, and FLV. It is compatible with multiple operating systems including Windows, macOS, and Linux. Its features include the ability to play damaged or incomplete files, support for subtitles, and the ability to stream media from the internet or local network. The software also includes advanced options for audio and video playback customization.