Web Page
http://doconnor.reamined.on.ca/xine/
Download
http://doconnor.reamined.on.ca/xine/update.zip
"xine is a unix video player that Darwin O'Connor is porting to OS/2. It should be able to play MPEG-1 and MPEG-2 videos. MPEG-4 videos and MP3s also might work."
Source: OS2.jp