BakadoPlayer is a free media player which focuses on subtitle handling, which is something that most players tend to overlook. The main thing is the customisability, which means you can make them more legible in terms of position, font and colours.
It may not sound like much to you, but imagine you have Italian friends over for the weekend and you’re watching that rip of The Sound of Music…! See? It’s strictly Windows media compatible, but looks like something that could be handy for you foreign types and all.