You may have a look at this Wikipedia article.
Media Player Classic - Wikipedia, the free encyclopedia
A short, cut and paste from another website:
What is the difference Media Player Classic and Media Player Classic Home Cinema? Media Player Classic was developed by Gabest while the Media Player Classic Home Cinema is a mod designed mainly for homecinema usage and is released by Casimir666.
You may download the MPC - Homecinema, which is under active development when compared to MPC from here.
Download Media Player Classic Home Cinema, Free Video Player Download
On a limited trials on it I found that it can play home-made Blu-ray disks. It should also be possible to play commercial BDs with programs like DVDFab Passkey or Slysoft AnyDVDHD running in the background - though I have not tried since I do not have any Commercial BDs. No additional codec-pack installation is required.
(In fact considering that it may benefit interested users, I posted a thread on my trials with Coles2k Advanced codec pack and MPC-Home Cinema with screenshots, but within 10 minutes or so it mysteriously disappeared. I know not the reasons.)