Win7codecs 2.2.2
This codec package provides everything you need to view all major audio and video formats in Windows 7. For users that don’t want to keep looking for codecs and instead just focus on playing their files without problems, this is as easy as it gets.
You can use the player of your preference, including Windows Media Player and Windows Media Center.
This is the only codec package I would recommend. It is adviced to install it on a system without any other codec packages, even when the installer can uninstall the most popular ones if it finds them.
For support, there is a forum. If you have any doubt or a problem, you will find answers there.
I use ffdshow, AC3Filter and DivX Tech Preview to play everything I want. You can use Haali Media Splitter along with DivX Tech Preview to support thumbnails of MKV files (just disable Haali thumbnailing feature to use DivX, which is much better). For video playback, Media Player Classic is my favorite.
Website 
Download x64 Components
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ajua, have you compared Win7codecs to K-Lite Codec Pack?
Both are very similar in architecture but I’m having subtle but irritating problems with Win7codecs on Win7 Ultimate.
Honestly, the only codec packs I trust that they won’t mess with my system are Win7codecs and Vista Codec Package, from the same author.
The only time I tried K-Lite Codec Pack was, at least 5 years ago and it was downright awful and sometimes it caused problems with Windows.
I’ve always preferred to install my own codecs and make installers for them so that I have control over which ones I need or not. Since Win7codecs package came out I install it on client’s or friends computers and I haven’t had any problems so far. They work out of the box without messing Windows Media Foundation (you can disable it, if you choose so, though).
Right now, it is installed in my main computer which has Win7 x64 Ultimate along with DivX Tech Preview and everything is working fine. I just disable the thumbnailing feature of Haali Media Splitter and use DivX Tech Preview for that. Haali thumbnailing feature is very poor right now and I have seen explorer crash when browsing folder with many MKV files.
If you are having problems, go to its forum. Also, if you use only a DirectShow media player like Media Player Classic, you can install ffdshow, AC3Filter and DivX Tech Preview. This is the most “minimalist” setup I’ve found and it has worked for me since Win7 was in RC stages.
Insightful answer and very complete; thank you for that.
Separately, when do you sleep?
Off topic but I think your community may find this app useful.
http://classicshell.sourceforge.net/
The single most frustrating thing about Win7 is a lack of the XP style win-explorer toolbar.
It’s far too complicated to cut, copy, move or delete in win7 comparable to XP or OSX for that matter. This wonderful little app installs cut, copy, move and delete icons directly on your win7 win-explorer toolbar.
@Balthazar9
I’m more of a nocturnal person, lol
I will try that application you mentioned. Thanks for the info on that one.
Regards.