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RMVB stands for Real Media Variable Bitrate and is commonly used to contain RV9 (Real Video 9 video) and RA (Real Audio). I’ve encoded in this format before and it’s better than DivX in terms of quality at low bitrates. Higher bitrates are fairly similar.

Better to use Media Player Classic (MPC) with the Real Media codecs installed to play it back

Real Alternative:
http://www.free-codecs.com/download/Real_Alternative.htm

QuickTime Alternative:
http://www.free-codecs.com/download/QuickTime_Alternative.htm

These two packs come with Media Player Classic and the required codecs.

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