Not really. You do need
codecs though to
decompress and play
compressed video formats (usually with .avi extension). You will probably already have codecs installed on your PC. If not ... for starters I would only install DivX codec and perhaps AC3filter.
DivX-codec:
http://forum.bsplayer.org/viewtopic.php?p=11908#11908
ac3filter :
http://ac3filter.sourceforge.net/
further codecs (e.g. to play Mpeg-2 movies):
adicoto's list of codecs
and (to increase general sound-volume) perhaps "Enhancer 0.17":
http://forum.bsplayer.org/viewtopic.php?p=13282#13282