You can't stream WMV through flash. I don't recommend FLV either, it's a dead (and dead-end) format. The way forward is MP4 as a container, H.264 for the video, and AAC for the audio.
I'd recommend the
JW flash player over the (spammy) flowplayer. Here's my simple [video] bbcode:
array(
'tag' => 'video',
'type' => 'unparsed_content',
'content' => '<embed src="http://yoursite.com/player.swf" width="575" height="324" flashvars="file=$1&type=video" allowfullscreen="true" allowscriptaccess="never" />',
),Just put the above into subs.php with the rest of the bbcode (search for "'tag' => 'white'," to get to the right area). You also need to place the JW player swf somewhere on your server - that's all you need, no fiddling with javascript

I use a much simpler, older and smaller version that does just what I want (play video!) without the exra cruft,
right click here and save as, then host it on your own site somewhere and add the URL to the swf above in the src="" part if you want to use it
