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Ogg Theora is a project under Ogg umbrella and will be released by June, 2003. It is a project that aims to integrate On2's VP3 video codec, Ogg Vorbis audio codec and OGM multimedia container formats into a multimedia solution that can compete with MPEG-4 format.
OGG Theora is open source and free.
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VLC (Open source)
VLC (initially VideoLAN Client) is a highly portable multimedia player for various audio and video formats such as MPEG-1, MPEG-2, MPEG-4, DivX, mp3, ogg, ...