@Lurkist
Try getting a CyberHome DVD player............thes play anything including WIndowsMedia, and DivX and I think AVI. the players are real cheap and they are easily damaged. but if you clean the lens and keep it unharmed, they are cool...they run for about $36 and the firmware can be updated. There are certain models you have to look for.
Now as for what you are proposing...........I am looking for the Opposite of what your looking for................I am trying to find a Stand Alone DVD player thatuses a PC DVD drive but the the MPEG2 decoder in it and still using an IDE interface. Reason being is that you can stick it in your Amiga and have hardwae DVD decoder :-)