Updated once again. You can now download Media Player Classic Home Cinema v1.7.3 . This open Source Media Player allows you to enhance, decode and accelerate a broad span of movie formats like x.264 with GPU assisted acceleration and image quality enhancing.
Modern graphics card offer the possibility to decode partially or completely a video stream using DirectX Video Acceleration (DXVA), in order to reduce CPU usage dramatically. MPC-HC includes an embedded video decoder that uses this technology, to decode x.264, H.264 and VC-1 with hardly any CPU time required. This project is based on the original "Media Player Classic" and was created after Gabest, the original author, stopped.
The download has both the 32-bit and 64-bit versions in the 7ZIP self extractable archive.