It lags the least with MPC-HC Player under "Overlay Mixer Output" setting but still the audio and video gets out of sync eventually due to the lags.
I want to ensure perfect playback by compensating the quality to the max.
I don't think my laptop is old.. see http://valid.canardpc.com/show_oc.php?id=2205766
The details of video procured using MediaInfo :-
Format : MPEG-4
Format profile : Base Media / Version 2
Codec ID : mp42
File size : 44.3 MiB
Duration : 1mn 46s
Overall bit rate mode : Variable
Overall bit rate : 3 497 Kbps
Encoded date : UTC 2011-12-10 20:48:57
Tagged date : UTC 2011-12-10 20:48:57
Writing library : Apple QuickTime
Video
ID : 1
Format : AVC
Format/Info : Advanced Video Codec
Format profile : High@L3.2
Format settings, CABAC : Yes
Format settings, ReFrames : 5 frames
Format settings, GOP : M=2, N=60
Codec ID : avc1
Codec ID/Info : Advanced Video Coding
Duration : 1mn 46s
Bit rate mode : Variable
Bit rate : 3 254 Kbps
Maximum bit rate : 3 405 Kbps
Width : 1 280 pixels
Height : 720 pixels
Display aspect ratio : 16:9
Frame rate mode : Constant
Frame rate : 29.970 fps
Standard : Component
Color space : YUV
Chroma subsampling : 4:2:0
Bit depth : 8 bits
Scan type : Progressive
Bits/(Pixel*Frame) : 0.118
Stream size : 41.2 MiB (93%)
Language : English
Encoded date : UTC 2011-12-10 20:48:57
Tagged date : UTC 2011-12-10 20:48:57
Material_Duration : 106273
Material_StreamSize : 45147398
Material_FrameCount : 3185
Audio
ID : 2
Format : AAC
Format/Info : Advanced Audio Codec
Format profile : HE-AAC / LC
Codec ID : 40
Duration : 1mn 46s
Bit rate mode : Variable
Bit rate : 96.0 Kbps
Maximum bit rate : 108 Kbps
Channel(s) : 2 channels
Channel positions : Front: L R
Sampling rate : 44.1 KHz / 22.05 KHz
Compression mode : Lossy
Stream size : 1.22 MiB (3%)
Language : English
Encoded date : UTC 2011-12-10 20:48:57
Tagged date : UTC 2011-12-10 20:48:57