Today I had a hard time figuring out how to play Axis ACSM files. ACSM files are security camera video files, created with Axis Camera Station. This is my solution:
open a dosbox (Windows command line / CMD) and use the following command:
RecordingToAsfConverter.exe d:\path_to_acsm_files\filename.acsm c:\my_asf_files
This command will generate an ASF file, which can easily be opened with a media player like VLC.
Put all the AXIS ACSM files in one folder (for example, c:\temp)
c:\temp>w:\software\axisconverter\RecordingToAsfConverter.exe c:\temp\*.acsm c:\temp\