Miro (formerly called 'Democracy Player') is a free application that turns your computer into an internet video player. The player is available for Windows, Mac, or Linux.
Miro lets you subscribe and download audio and video podcasts that are available on the net. It also supports full-screen mode, plays several popular video formats, and downloads files via BitTorrent.
The Windows system requirements for running the software are: Windows XP, 128MB of RAM.
If you want to learn more about Miro, watch the following screencast.