So here is the deal, all my video players, EXCEPT winamp, are displaying the video with a very white contrast. I have the community combined codec pack installed, I have tried reinstalling the codecs and reinstalling the players. Not sure why winamp works, but since winamp has problems with aero and full screen, I need my other players to work. Take a look at the screenshot.
it may be related to the graphic card video settings, some of them come with an option to adjust videos brightness/contrast, check out.