The Wii homebrew community keeps coming up with great updates. Tantric and rodries have updated Wiimc to version 1.2.4. Wiimc is a mediaplayer that can be used with your Wii. You should install IOS 58 prior to using this version.
"Version 1.2.4 has been released. Full changelog:
Synced to MPlayer r34805 and ffmpeg 8fbf825ecc32
Fixed a bug with 4KB sector drives
Added padding below subtitles
Fixed display of non-latin characters in 1.2.3
Fixed freezing issue in 1.2.3
Fixed online media issues in 1.2.3"