You can install VLC 2.0 on Ubuntu 11.10 using the Nate Muench PPA for VLC. VLC is a free and open source cross-platform multimedia player and framework that plays most multimedia files as well as DVD, Audio CD, VCD, and various streaming protocols.
To add the PPA and to install VLC 2.0 open a terminal window (press Ctrl+Alt+T) and copy+paste the following lines:
sudo add-apt-repository ppa:n-muench/vlc
sudo apt-get update
sudo apt-get install vlc