No you cannot reinstall programs from the windows.old folder.
If you clean reinstalled Windows 7 without the factory bloatware and useless factory utilities which have much better versions built into Windows 7, then you will need to find any missing drivers (after optional Windows Updates) or software on the Acer Support Downloads webpage for your model.
I doubt if their media player has a Download there., I've never heard of it and we have two Acers. I would bet Windows Media Player works better, though.
If you miss it badly enough then reinstall using the Factory Recovery partition or disks you should have made when you set up your computer, or order from Acer Tech Support.