If you have been waiting for release of VLC player for your Android Smartphone. Then this waiting is no longer.VLC player finally launched an Android beta today.
VLC is a free and open source cross-platform multimedia player that plays most multimedia files as well as discs, devices, and network streaming protocols.

This is a BETA version of the port to the Android™ platform. It is intended for power users and hackers. This version is NOT stable and is slower than the final version. It might kill your kitten, destroy your house and start the mayan apocalypse.Use it at your own risk. Have Fun!

Features:

• VLC for Android™ plays most local video and audio files, as well as network streams, like the desktop version of VLC.

• VLC for Android has a media library for audio and video files, and allows to browse folders directly.

• VLC has support for multi-track audio and subtitles. It supports auto-rotation, aspect-ratio adjustments and gestures to control volume.
• It also includes a widget for audio control, supports audio headsets control, covert art and a complete audio media library.

VLC for Android