The iPad is great for watching video, but it doesn’t support various formats like Divx, Xvid, or WMV. That is, until now – YX Player for the iPad allows you to playback unsupported video formats. The app has quite a few features, namely the ability to transfer said videos directly to your iPad for playback straight from your desktop. But as App Advice noticed, it gets much more powerful with some of its online capabilities.

We won’t delve into the possible illegality of all of this, but technically you can stream tv shows and other recorded programs to your iPad like never before. App Advice explains this nifty trick,

“Basically, YX player embeds a simple browser that recognizes links directed to AVI or Flash video files. These are not as frequent as you would think so this didn’t sound as great as it really was at first. What iPadevice came up with however, is that this actually works with upload sites like Megaupload. For example, you can search for a bunch of movies via google in the browser by typing “”Movie’s name” Megaupload”. Then, once you’re on the Megaupload page of the appropriate file, just type in the captcha, wait the 45 seconds and hit regular download. At this point, the app will detect the avi file, will open it and stream it from Megaupload’s servers directly to your iPad’s screen.”

The framerate isn’t spectacular however, as you’re only going to get 15-20 frames per second. You can purchase it for $4.99 in the iTunes App Store (holy crap this was Apple approved). Let us know how you’re putting this to use in the comments below.

[YX Player via App Advice]