VLC (VideoLan Client) is a free and open source cross-platform multimedia player and framework that plays most multimedia files as well as DVD, Audio CD, VCD, and various streaming protocol. It can also act as a video on demand broadcaster.
While it has had an external control mechanism for a number of years, it has never been what could be called Delphi friendly. That fortunately has changed with the advent of not one but two open source delphi translations of the C header to use LibVLC in your application, plus some useful helper objects. LibVLC is the main dll which contains all the decoders and associated components to create a mulitimedia player without the need for COM or ActiveX.
VLC is available from the Video LAN website www.videolan.org.
The two delphi / pascal interfaces are:-
1) delphivlc, hosted on google code at http://code.google.com/p/delphivlc/
2) paslibvlc, hosted on sourceforge at http://sourceforge.net/projects/paslibvlc/
I have succesfully used the paslibvlc project with VLC 1.1.11 using Delphi XE on a Win7 platform.