Vladest has released (6/22/2007) a "post-NetLabs" build of WarpVision. Some notes about the release: it uses an integrated codec for WMV files instead of using Odin to load a Win32 codec, and the result is not as good as before (no post-processing); prior to WarpVision being a NetLabs project, it violated the GPL, and it is expected that will be true again. Still available (5/23/2006) from NetLabs is WarpVision version 1.0.1. This is a player for DivX-3, DivX-4, DivX-5, XViD, MPEG-1, MPEG-2, AVI, and ASF, with mp3/ac3 audio, DVD support, video overlay support, and is skinnable. WarpVision is based on GPL code; at least some of the source for it is in NetLabs CVS. There are also some Windows codecs you can use via Odin. There is also a list of open bugs.
Source: OS/2 Warp News and Rumors