In a good news VLC public beta is now available to download from Windows Phone Store, Since this app is still in beta so expect some crashes and please be ready to give feedback to the developer.
VLC media player is a portable, free and open-source, cross-platform media player and streaming media server written by the VideoLAN project.
VLC media player supports most audio and video compression formats, files and streaming protocols.
This version is the fist beta of the port of VLC media player to the Windows Phone platform.
This is the first version of the port to Windows Phone.
Thanks Josemon and Mohamed for the tip !!!!!