32-bit and 64-bit Slackware packages (SlackBuild script included) for official VLC source releases are available from http://www.slackware.com/~alien/slackbuilds/vlc/. These packages do not contain codecs that are suffering from patent or copyright issues. If you need MP3/AAC encoding support, a full-featured version can be downloaded from this non-US mirror: http://slackware.org.uk/people/alien/restricted_slackbuilds/vlc/.
Alien's VLC packages have no dependency on additional packages (except for libdvdcss if you want to play DVD's)
Instructions for building a package from source are available on the VideoLAN Wiki
You can also find Slackware packages on SlackPack. The package is a dynamic build and all of the dependencies are available from the same site.