[KnightCoder]

Here's a Media Player that will play .gts files and too many other formats to mention here. The GOM Player is a Totally FREE Player with all kinds of Feature's, will play Full Screen or in a Kool Window with different Skin's that are availible for download.

GOM Media Player Features

Codec Finder

GOM Player includes many codecs (XviD, DivX, FLV1, AC3, OGG, MP4, H263 and more) so you won't need to install separate codecs for most videos. For those videos that require a separate codec, GOM Player will find one and direct you to a place where you can download an open source version of the codec. That way, you won't get stuck with unnecessary codecs on your system.
Play Broken AVI Files (Patented)

AVI files can't be played if the index is broken, or if the file isn't completely downloaded. This is because the index is located at the end of the file. GOM Player's patented technology enables users to view files with broken indexes or that are still being downloaded.
Powerful Subtitle Support

GOM Player supports SMI, SRT, RT, SUB(with IDX) files for subtitle. You can specify margin, location, size, resolution, font and others. You can also enable shadow, view ASF files with subtitle, karaoke subtitle mode. You can even synchronize subtitle and video if there's any mismatch.
Convenient Playlist

If you run a video file and there is already a file with a similar name in the directory, it will be automatically added to your playlist. GOM Player has a similar playlist format as M3U, PLS, ASX and you can also include and edit different media formats on that playlist as well. It's easy to create and edit your own multimedia playlist with GOM Player.
Support Different Media Types

Along with different media format such as AVI, MPG, MPEG and DAT, GOM Player also supports streaming Windows media format (WMV, ASF, ASX). You can also watch DVD-quality videos with 5.1 channel audio output.
Screen Capture

Screen capture allows you to take a screenshot of your video directly from GOM Player. Using the Burst Capture feature, you can take continuous screenshots up to 999 shots.
Advanced Features

There are an endless number of advanced features. Customize brightness, contrast and saturation. Sharpen and add noise to your video. Try the audio equalizer. Repeat a section of your video with our A-B Repeat feature. Fast forward/rewind a few seconds using left/right keys. And much more for you to discover!



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GOM also has a Encoder Program with some Awesome Features:

GOM Encoder Features

• Convert any video files that can be played with GOM Player
• Embed subtitles to the video (you can see subtitles on the resulting video even if your device doesn’t support subtitle)
• Encode just once to convert your video files into MP4/3GP/SKM format playable on your mobile phone, PSP and iPod
• Convert video files to AVI format playable on PMP and DivX players
• Convert video files to WMV format for your homepage or blog
• Convert video files to OGM/AVI for your PDA
• Convert video files to Flash format (FLV)
• Stable encoding
• Fast encoding (even faster on Dual Core or Hyper-Threading CPUs)
• Convert only parts of a video
• Adjust playback speed on the resulting video file
• Supports 2Pass encoding, resulting in higher quality video output
• You can convert any movie files that are playable on GOM Player to AVI, MP4, WMV/ASF, OGM, 3GP, FLV, SWF, MP3 and etc.
• You can enjoy the files you've converted on your cell phone, MP3 player, iPod, PSP/PS3, PMP, navigation or other multimedia devices.

Added functions

• To convert an audio file from your movie file into an MP3 file
• Multi encoding
  : To encode several files at one time
• To support divided encoding
  : To encode files by file size or at a specific time segment
• To support H.264 Baseline Profile @ Level 1.3/3.0
• Video De-interlace Function
• Video Control & Effect Function
• Advanced Subtitle Function
  : Hue/ Saturation / Place / Space Control Function
  : Srt, rt Subtitle Support
  : Internal/External Subtitle Choosing Function
  : Displaying Subtitle by Paragraphs Function
• WinAmp DSP Plug-in Function
• Encoding Logs Function
• History Files Function

I Can't Attach the files as .rar files so I'm including the web address where both can be downloaded!
GOM Player is totally a FREE Player!
GOM Encoder is a DEMO Version but can be purchase pretty cheap but you'll have to search as to where to buy it.
Here's the website link -> GOM software - Free, Simple, Light, It just plays! - GOM Media Player, GOM encoder