I would recommend the VLC Media player..

it plays EVERYTHING even CUE OR BIN files without having to burn them first
plays subtitles (SRT files) and dvds.. or just VOB files

http://www.download.com/VLC-Media-Pl...-10333748.html

features:
VLC (initially VideoLAN Client) is a highly portable multimedia player for various audio and video formats, including MPEG-1, MPEG-2, MPEG-4, DivX, MP3, and OGG, as well as for DVDs, VCDs, and various streaming protocols. It also can be used as a server for unicast or multicast streams in IPv4 or IPv6 on a high-bandwidth network.

New features in 0.8.0 include: faster and more flexible input layer, improved transcoding, a plugins cache to speedup VLC startup time, vastly improved subtitles, OSD and DVD support, Windows Media Video 3 support under Windows, Multipart JPEG webcam support, an audio equalizer, and much more