No. The Apple Video Player software is provided so as to easily support the Apple Video System, Apple TV/Video System, or Apple TV/FM Radio System (which requires the Apple Video System). These are available as options that can be added to your computer system.
If the computer you are using does not have the necessary hardware installed, Apple Video Player software will present the error message you described.
You may get a similar error message if you add the Apple TV Tuner card or Apple TV/FM Radio System without having the Apple Video System card properly installed.