There are two video players I like, one called Media Player Classic, which is easy to use, and another one, with a command line interface, called MPlayer. First, it's.. Nerdy, because of this plain text interface. But it's also very powerful, even is you will have sometimes.. Err, often, to look at the documentation to know how to do some tricks like... Oh and read this fucking documentation.

MPlayer also works under Windows. And I use it quite often too.
But I had a problem with a error saying :
New_Face failed. Maybe the font path is wrong.
Please supply the text font file (~/.mplayer/subfont.ttf).
subtitle font: load_sub_face failed.
And even looking at the manual, i found nothing because all of the doc is mainly for *nix systems and where is the "~" path, nor on the Internet.
So, if you are too looking for the solution at this problem, i tried this :

Filemon working

And putting a copy of the arial font in C:\usr\local\share\mplayer\subfont.ttf is working fine (but my favorite font is "Baldal (TrueType)").

To deinterlace, use :
-vf pp=fd
To change overlay color key on windows (to get rid to not having the video on your green terminal's font) :
-colorkey 0x000001 (or "colorkey=0x000001" on the config file. you can use the color you want (rgb, hex format)

Now it says Win32 "LoadLibrary failed to load: avisynth.dll" and quits when I'm trying to play a stream ! Try to add "-playlist" to your command§.
It was working without that before on my debian box, but now it seem to be needed... ?