You can take a look at this website (currently in test), but it will be online soon:
This site is build in SF 3.7 (SP4 / .NET 4.0)
I created a media module which gets its content from a custom library. It uses flowplayer to play files.
So, it is possible to do it in SF 3.7.
In my opinion it is a bit too early to do this in SF 4.0.