Hi there, thanx for the advice. I tried...
[root@localhost jig]# yum install /home/jig/Desktop/vlc-0.8.6c-1.el5.rf.i386.rpm
Sorry but I am a newbie! I read that link you gave me and tried whatever made sense to me. It came up with similar errors.
I read it again and realised, I need to install rpmforge-release first. So I installed rpmforge-release-0.3.5-1.rh7.rf.i386.rpm Wed 17 Jan 2007 10 kB Red Hat 7.X - i386
And then tried installing the vlc player using the yum command again. It worked!!!