VLC Media Player for XScale processor based Windows Mobile Pocket PC devices is available as an expermental project. It supports common formats available in its desktop counterpart, including some media formats meant for mobile devices.
Update: This experimental WinCE port of VLC has been discontinued. There are currently no plan to resume it, due to lack of interested developers and proper toolchains.
You can still download the latest alpha version of VLC Media Player for Windows Mobile Pocket PC from
here. I have installed this application on my device, just to see if it would work, it does but i couldnt tell you any datails, i uninstall it already is a little to complicated, i better use tcpmp.