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:
'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" />',
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