if you looking for Divx player on your S60v5 phone, then maybe you can get a try on this beta release. DivX Labs is offering the DivX player for the Nokia touch phone, you may go to their website to download the application.
I tried the application with a converted video of 640x360 resolution, the result is not very convincing. The audio is ok, but the video is pausing. Maybe a low resolution will better.
The other way is to convert video into MPEG4 (mp4) using free converter from the internet, you can get it here.
The process of converting is simple since the UI is very simple and the conversion rate is fast which is about 40fps. I found that this setting is quite optimize between quality and the file size.
Format: MP4(MPEG-4 / AAC)
Video bitrate: 750kbps
Resolution: 640x350 or 640x360 (custom)
A 30 minutes of video is about 170MB and the quality is as good as DivX which have similar file size. The playback is smooth and sound is clear.