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do you mean something like http://flowplayer.org/ ?

Exactly like that, but it cannot be used on commercial products. At least for free. Any other suggestions?

I've only ever used flowplayer, so I can't really speak for how anything else works, but I found http://jplayer.org/ which looks like it might work, and is MIT licensed. Otherwise maybe look through this list: http://blog.insicdesigns.com/2010/06/best-html5-media-player... and there might be something suitable.