MPC-HC can send the video stream to be decoded for you.
IDFORUMS.NET and TECHJAMAICA FORUMS have threads by me with the info you need. Search for "Best Codecs for Anime / General Purpose" and "Codecs, Filters & File Formats" respectively on the sites for more info. A copy and paste below may help as well.
ADDITIONAL INFO FOR PEOPLE WHO CAN'T GET ACCELERATION TO WORK
Information here is taken from my friend N1 on IDW. Some of it has been modified to fit in here. Now on to the matter:
For some people, the playback and sending of H264 video streams to your graphics card may not work. If it does not, you need to check and see that MPC-HC is actually sending the stream to your hardware to be decoded. To do this, play an h.264 video in MPC, and while it is playing go to Play->Filters->MPC Video Decoder.
First, confirm that "Enable DXVA" is checked.
If it is, see if the greyed-out text says "Not Using DXVA" or "H.264 bitstream decoder, no FGT."
The former is obvious; the latter means that hardware acceleration is indeed working.
If "MPC Video Decoder" is not present, there's your problem - see below.
If acceleration is not working for you, one of the following is true:
-You have not blocked your other h.264 playback filters; therefore MPC's decoder is not running. Block all other h.264 decoders, and make sure that MPC's is checked.
-Your output settings are not correct. Make sure you're using EVR Custom in Vista or VMR9 Renderless in XP.
-You have not blocked VobSub and switched to MPC's internal subtitle filter. Block VobSub, and check "Auto-load Subtitles" in the Playback page of MPC's settings.
-Your video card does not support h.264 bitstream decoding.
-The video you are trying to decode does not comply with the BluRay standard for h.264. You can confirm this with MediaInfo; look for the number of reference frames. THORA releases, for instance, have a uselessly large amount of reference frames which do not comply with BluRay standards and therefore do not work with hardware acceleration.
Please remember that hardware acceleration was designed with DVDs and BluRay discs in mind, not files on your computer. Therefore, the files on your computer need to comply with either the DVD or BluRay standards for hardware decoding to work.
PeAcE.
