ffdshow is DirectShow decoding filter for decompressing DIVX and XVID movies using libavcodec or xvid with rich set of video postprocessing filters. ffdshow can also be used as a separate postprocessing filter for other decoders.

Features :
fast video decompression using optimized MMX, SSE and 3DNow! code 
support for different codecs: XviD and all DIVX versions 
image postprocessing for higher playback quality 
automatic quality control: automatically reduces postprocessing level when CPU load is high 
hue, saturation and luminance correction 
experimental sharpening filter 

Completely free software: ffdshow is distributed under GPL 
 

http://sourceforge.net/projects/ffdshow