Sure. Stay away from wma & wmv files. And get xtra codecs (your choice): A list of CODECs sources can be found here: 1. Free-Codecs.com, 2. Nimo’s codec pack, 3. CoDecs & codec identifiers, 4. K-Litecode Codec Pack
And also consider getting a backup player with built-in codecs: VLC http://www.videolan.org/vlc/ (choose nearest mirror site)

For audio see Burning an audio CD from your MP3's