Windows Media Player
According to Microsoft® Knowledge Base Article 316992, Windows Media Player supports the following formats "out of the box":
|Microsoft® media formats|
|Microsoft® media metafiles||
MPEG-2 and MPEG-4 playback
The symptom associated with a missing codec is Windows Media Player displaying the cryptic "C00D11CD" error code immediately after opening an MPEG-2 or MPEG-4 coded file or stream. At that point, you must purchase the appropriate codec, perhaps from Microsoft's® list of approved vendors.
Streaming from VLC
To date, the only option for streaming from VLC to Windows Media Player is to:
- Transcode the file or feed into WMV format
- Encapsulate the transcoded stream in the ASF container format
- Use MMS or MMSH for the stream transport
This has also been discussed in the forum.
Otherwise, Windows Media Player does not appear to support streaming for anything other than its proprietary formats.
"Windows Media Player 9 Series can play files in a wide variety of digital media file formats, but Windows Media Services 9 Series cannot stream all of those files. In certain cases, you may need to convert digital media files into a compatible format before you can stream them." 
Streaming is known to work with Windows Media Player 9 or higher. In particular, Windows Media Player 8 does not interoperate with VLC. This has also been discussed in the forum
If you discover problems with your Windows Media Player please download the latest version:
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