VideoLAN – VLC.EXE
Vlc.exe is the VideoLAN Client. This multimedia player can decode streaming of MPEG-1, MPEG-2, MPEG-4 and DivX files, DVDs, digital satellite channels, digital terrestial television channels and live videos on a high-bandwidth IPv4 or IPv6 network in unicast or multicast GNU/Linux, BSD, Windows, Mac OS X, BeOS, Solaris, QNX, and Linux. Chances are you have the free Windows based player. More info can be found at http://www.videolan.org/.
This free file is safe and completely legitimate. But it may have installed with P2P file sharing software that uses VLC to play streaming video.
Safe
VideoLAN