function GetVLCLibPath: string;
var
  Handle: HKEY;
  RegType: Integer;
  DataSize: Cardinal;
  Key: PWideChar;
begin
  Result := '';
  Key := 'Software\VideoLAN\VLC';
  if RegOpenKeyEx(HKEY_LOCAL_MACHINE, Key, 0, KEY_READ, Handle) = ERROR_SUCCESS then
  begin
    if RegQueryValueEx(Handle, 'InstallDir', nil, @RegType, nil, @DataSize) = ERROR_SUCCESS then
    begin
      SetLength(Result, DataSize);
      RegQueryValueEx(Handle, 'InstallDir', nil, @RegType, PByte(@Result[1]), @DataSize);
      Result[DataSize] := '\';
    end
    else Showmessage('Error on reading registry');
    RegCloseKey(Handle);
    Result := String(PChar(Result));
  end;
end;

procedure TForm1.Button1Click(Sender: TObject);
begin
  ShowMessage(GetVLCLibPath);
end;