mkv codec playback

Download VLC:

http://www.videolan.org/

It's like QuickTime Player. and it will play MKV files without the need to install any kind of codecs.

If you wish to keep using QuickTime to play MKV files, you may want to check out the Perian codec package:

http://perian.org/

I don't use it myself, and I've heard reports of it interfering with certain media playback types, or other problems, but that was a while ago and it may be more "friendly" nowadays.

Both of these solutions are about as free as it gets.
 
Perian is great, but the current version has some issues with the latest version of QuickTime Player (not QuickTime itself, just QuickTime Player). So if you use Perian you may prefer to use an alternative QuickTime-based player like NicePlayer.

The big advantages to Perian is that A) videos will work in any QuickTime-compatible software, and B) it has MUCH better Subtitle support than VLC.

MPlayer OSX Extended is another option. It's a standalone program like VLC, and it has great subtitle support like Perian. Not as polished as VLC, though.

They're all free. Give 'em a whirl.
 
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