I seriously doubt that most video files would play properly.
Properly optimized MP4 video files are hardware accelerated on the tablet, and while Dice/MX player are capable of playing other formats (AVI/MKV etc) they use the processor for playing the video, rather than the dedicated hardware acceleration.
The specs show that your tablet has a 600Mhz processor, which just isn't enough to handle video playback at a reasonable quality. You might be able to play some AVI DIVX videos, but even that would be pushing it.
Of course MP4 video files that are optimized for the tablet will play fine, but it does mean you will need to convert them to a supported format with a tool such as DVD Catalyst.
If you flash the ROM with Uberoid, you will have some video players that work to some extent but as mentioned above there are definite hardware limitations with these tablets.