Of course. Using the Pi as a media player is a very common use.
There's more than a million active users of kodi (mostly OSMC and LibreELEC) on Pi.
It's very straightforward to install.
First step build your own kernel: https://www.raspberrypi.org/documentati ... uilding.md
Is this a general problem with vlc on pi, or is this an issue purely in the new accelerated version included in raspbian?