I recently just started using KMplayer a few days ago. It's a great choice, it even works on this cheap of the cheap laptop. That is something VLC doesn't do too well. media player classic is pretty good as well. I don't think KMplayer has any media library in it. I can't find anything that imports media or anything like that at least. I don't like things that make a library of media anyway, it mixes it all up in ways I don't like.
You might also want to check out foobar2000. That will cover you in all your audio needs as well. It's also rips CDs better than anything out there including EAC and cdex.