PowerDVD. No doubt. Basic versions are included with many graphics cards and DVD drives which may then be upgraded at lower cost to more feature rich versions (such as DTS, AVC and VC-1 decoding). All the decoders can also be used with any DirectShow player such as Media Player Classic. The video decoders can take advantage of your GPU's hardware acceleration which is especially nice for HD if not olde timey DVD.
'nutha option would be a basic free software video decoder (libavcodec/ffmpeg based) included in MPC, VLC, &c. combined with the audio decoders included with Creative (or other?) sound cards which themselves may be had at very little cost.
I'm not aware of any "free" DTS decoders. Receivers can be had cheap though.