What is Haali media splitter?

I have this program too, it was an optional download when I purchased Zoom Media Player.
I've looked at it a couple of times, but I haven't paid it much attention. I can't see that it has been affecting my comp's performance.

http://www.afterdawn.com/software/vi...iasplitter.cfm

http://www.free-codecs.com/download/...a_Splitter.htm

Jargon alert: these sites and others I visited abound in polysyllabic discourse. I've posted them here in hope that one of D-A-L's excellent tech crew will provide a translation.