Looks pretty trivial to integrate in my opinion, its just some javascript and flash files.

I would add this to the layout.master file of your skin with a coorect url to the js of course. Actually we have a version of this at /ClientScript/swfobject.js, not sure how up to date it is.

<script type='text/javascript' src='swfobject.js'></script>

Then you could easily embed the player in the html module using source view of the editor and pasting in the embed code

<p id='preview'>The player will show in this paragraph</p>
<script type='text/javascript'>
var s1 = new SWFObject('player.swf','player','400','300','9');
s1.addParam('allowfullscreen','true');
s1.addParam('allowscriptaccess','always');
s1.addParam('flashvars','file=video.flv');
s1.write('preview');
</script>

obviously you would need correct urls for the player.swf and video.flv files

Hope it helps,

Joe