Supported Files or Devices:

• HTTP Streaming(AVI etc including none-streaming media)
• Directshow playback (avi, mkv etc)
• Real Engine + Directshow (needs Real Player or Alternative)
• QuickTime Engine + Directshow (needs QuickTime player or Alternative)
• Mplayer Engine Support
• Winamp Input Plugin(decoder) Support
• Compressed Audio Album Support(zip, rar)
• Audio CD(2000, XP only / Win9x-Support by winamp plugin)
• Video CD/SVCD/XCD : CDXA Format (2000, XP only)
• DVD playback
• DTS Wave and AC3 files
• WDM device support like TV or Camera
• CD Image File (BIN/ISO/IMG/NRG) ; NRG needs mplayer.dll
• Shoutcast (Including NSV)
• AAC, OGG parser/decoder
• Shockwave Flash/FLC/FLI
• Ape/MPC/Flac/Module etc
• Various Image files like png, gif etc
• Incomplete/Damaged AVI file (Skip Damaged Frames)
• Locked Media Files while downloading or sharing

Built-in Codec/Filters:

• Video Codec
• MPEG4 (Divx/Xvid : ffmpeg/xvid)
• MPEG1/2 (ffmpeg/libmpeg)
• etc (ffmpeg)
• Audio Codec
• AC3/DTS/LPCM/MPG/MP3/OGG/AAC/WMA
• 2Ch to Multi Channel expansion
• External Codec
• Media Priority to Connect among Directshow, Real, QT, Winamp and Mplayer
• Custom Filter Manager
• System Filter Manger

Source : http://zhw-downloadcenter.blogspot.com/2012/05/free-download-kmplayer-32019.html