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I tried VLC but the video playback lags behind the audio, and it becomes choppy during high-motion sequences. I've never heard of Shark007 codecs but I'll try them to see if they help, although I think this is more of a hardware issue than a software one, this old computer was never meant to play HD video.
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I had similar problems with VLC. I used it on Linux though. Anyways, I used
Handbrake, a great software to convert the video into more popular .mp4 format and everything is great now. You might want to try that. The software is free. I am unable to upload the converted video as my internet connection is quite slow