This happens when Media Player Codec Pack tries to install other applications that are considered "bundled". You should use the error as an example and install other codecs that are open-source and free to download and use. For example, there is Combined Community Codec Pack that contains all the necessary filters to encode or decode your files.
Access the following page to download the installation package. While installing you will also see that you have the possibility configure various aspects related to video and audio playback as well as set some audio and video players as the default ones.
