Here am sharing top 3 Video players for windows 7 ,i recommend you to try them all and find out which works better for you ,
In my test i found Kmplayer has the best audio experience and Media player classic is less resource hungry.
VLC media player
VLC media player is one of the most used media player in the world
and one of its best feature is, it comes with all essential codecs,so there is no need of third party codec packs

Features
- Simple, Powerful and Fast
- Plays everything, Files, Discs (DVD, CD, VCD), Devices and Streams
- Works on most platforms: Windows, Linux, Mac, Unix…
DOWNLOAD
Media Player Classic Home Cinema (MPC-HC)
Media Player Classic Home Cinema is just another most widely used media player.
simple yet powerful player ,and it is extremely light weight and low memory usage .

DOWNLOAD DOWNLOAD WITH K-LITE CODEC PACK
KMPlayer (K-Multimedia Player)
Kmplayer is another media player just like vlc player that comes with its own codecs
and the notable difference between kmplayer and vlc player is kmplayer more stylish with modern skins
in performance wise both are same,Sound is just awesome in KMplayer .

DOWNLOAD
I never tried anything new in Windows 7 because I use FLV and itunes to watch movies . But 3rd one mentioned by you looks good and I will get it .