Yes, that's your graphics chipset
Here's why it appears twice in Device Manager - it's normal don't worry about it.
DVD playback isn't natively supported in Windows XP for WMP (You can use VNC (a free download) to playback DVD as it has a DVD decoder built-in already) presume you were using WMP for playback and it's stopped.
Do you have any DVD playback software installed on your laptop already (WinDVD, CyberPower DVD etc)??) If not did you get an installation CD bundled with your laptop containing one of them? This would be the quickest way to reinstall DVD playback via WMP. Otherwise look at downloading the K-Lite codec package which contains the Cyberpower MPEG-2 decoder (free download).