To continue the "You need" theme of the previous replies:
You need a fast PC to re-encode video.
You need patience to re-encode video even then.
You need a large memory card to store these videos on.
You need a larger memory card to store both videos and music.
You need a good set of headphones.
You need extra batteries if you want to play more than one long movie.
And learn to search this site; your third membership anniversary is coming up after all ;).
This sticky thread in Multimedia is a good starting point.