Media Player Classic wants Nero codecs?

Ok, this is interesting: I saw the news on the Doom9 front page where a new version of VLC/win32 is available. So I downloaded it, and voila! she runs the file, no fuss, no muss. Hmm. Still, my question stands: when Media Classic is asking for a codec that is identified as for another program (like Nero) just what is it asking for? All this codec stuff baffles me.

Maybe someone else will have a "magic bullet" answer for you, but I would first ask you, what is the format of the video? - And what video and audio codecs were used to create it?

Indeed, in the search, I found more than I bargained for. Thanx.