Ulead doesn't make the Winfast cards, Leadtek does;
http://www.leadtek.com.tw/
The Ulead software that comes with it is bundle-ware.
Presuming nothing is messed up with the Windows file associations that MPEG's probably in a propriatory MPEG format that requires the Winfast drivers to read. Unusual, but not unheard of. I personally avoid cards that use propriatory file formats, but moving on.....
IF the bundled version of VideoStudio that came with the Winfast can read it then it probably has a compatable plugin to do so.
You could try importing the file to the VS timeline then render it out to any format supported in the Sharing dialog; generally the "normal" MPEG formats, Windows Media, Quicktime, Real Media etc.
Once the content is in one of these is should be playable on computers with a player for the format you've chosen.
If you want to burn a DVD then edit the project in VideoStudio, export a PAL DVD compatable MPEG then use DVD MovieFactory to burn the disc.
