You CAN use VLC. Just an older version. Go to the main download page and search for the older versions. I can say that the version 0.8.1 works well. The bad thing with any video, the machine will start to heat seriously. But well, that happens also with Windows and GNU/Linux
I can confirm that PPC VLC (at least) up to 0.8.4 will work. However, only beginning with 0.8.5 was VLC compiled for intel machines, meaning that non universal binary versions will run in Rosetta, resulting in a great performance loss and a much greater heat output.