There are numerous audio and video players available. Winamp, iTunes, Windows media player, Real player, and divx player can play most audio and video files. If you however come across an unsupported format, consider using VLC player. It is free, open source, and provides the greatest range of supported file formats.
Many software exist for editing audio and video files. Most of these software are not free. Luckily the best and most powerful software for media file editing are free. For audio, audacity with lame and razor lame are very good options. For video use ffmpeg.
VLC, audacity, lame, and ffmpeg is available for Linux, Mac, and Windows.