LinuxVideoProject
From RockWiki
About
LVP is a ROCK Linux based Live-System designed to play Video-files on a diskless machine.
This project started in October 2003 to create a solution for storing videos on a DVD and play them (almost) anywhere without having to modify the machine to play them on.
There were a lot of problems with machines which were missing video-codecs so the solution this problem called for was live-system which has everything needed to play back those files.
Documentation
The latest documentation for LVP is here: https://lvp.crash-override.net/usage050.html
Binary builds
Precompiled builds are available at its SourceForge Project Page