Plex is an application for home theater lovers that lets you watch movies, photos, videos, short or long term but also to listen to your favorite music directly on your Windows Phone smartphone.
Here is a brief description of Plex
" The Plex application lets you use your smartphone Windows Phone to find and play multimedia files (video, photos and music) using the Plex Media Server installed on your PC, whether Windows, Mac or Linux. You can also view a list of online media sources.
YOU MUST BE THE MEDIA SERVER PLEX (beta version v0.9.6 or higher) installed and running to stream LOCAL MEDIA:
The app has price tag of $4.99 although there is a free, fully-functional trial that is limited to 30-second playback of media. You can pick it up here in the WP Marketplace.