Yeah, looks like VLC hasn’t been built for Angstrom since early last year (2011.03)  and that won’t work with the latest OE-core based versions (2012.05 and 2012.12).
The good news is it looks like the recipe is already in meta-oe . Koen doesn’t build everything in the world and shove it into the feeds, so it might be as simple as him adding it. However, I don’t see that he’s built it recently , so my suggestion to you is to simply try to build it!
Instructions for building Angstrom are at . You “should simply” need to invoke ‘bitbake vlc’.