No, K-Lite is a codec pack comprised of many filters used to decode various audio and video files. As a complementary add-on, Media Player Classic is bundled with the K-Lite Codec Pack. When you install the pack, there will be the option to install Media Player Classic as well. For full support over your audio and video files, access the official website and always download the full version.
While installing, pick the EXPERT option to configure additional settings that aren’t normally for the regular user.
Official website: http://www.codecguide.com/download_kl.htm