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I guess I just jumped the gun on this one, but I found a working solution with some browsers using VLC Web Plugin:

<!-- VLC Web Plugin in works! (for some browsers...) -->
<embed type="application/x-vlc-plugin" name="video1" autoplay="no" loop="yes" width="400" height="300" target="" /> 
<br /> 
<a href="javascript:;" onclick='document.video1.play()'>Play video1</a> 
<a href="javascript:;" onclick='document.video1.pause()'>Pause video1</a> 
<a href="javascript:;" onclick='document.video1.stop()'>Stop video1</a> 
<a href="javascript:;" onclick='document.video1.fullscreen()'>Fullscreen</a>