VLC is the way to go! Just install the LITE version. The full version has its own media player, but the LITE installs all the codec's required to play in a pre-installed system player (e.g. Windows Media as example).
VLC - if you install the entire version you get some features that Media Player 10 either forgot or dropped off. You can set viewing for widescreen, regular, whatever your source video is, and the dvd player is much less obtrusive than MP---
It will also play ISO, BIN/CUE and rendered or ripped Video/Audio TS files.