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In fact, you need a reliable and versatile player to achieve that purpose; I recommend Macgo Mac Blu-ray Player which is the first and licensed Blu-ray player on Mac and PC in the world. It plays all media formats including Blu-ray files/folders/iso files, mp4,mkv,mov,avi,mpeg,etc. Almost all formats are supported and now, it offers aoto update and auto start;plus, a new year sale is going on, so grab the chance and give it a go then you'll know.
As far as I know, the VLC player can play almost all the popular formats, you can see the details here http://flash-video-player.blogspot.com/2013/05/top-5-best-free-media-pla...
I use VLC to play pretty much everything, It's open source and available for most OSes, including Windows, Mac OS, GNU/Linux, Android, and Solaris. It's free, but you can donate if you like the player, which you probably will.