Encontré la solución, si a alquien lo necesita...
Código PHP:
<?php
if (is_single()) {
echo "<P><B>";
the_title();
echo "</B></P><P>";
the_excerpt();
echo "</P></div><div id='player'><object type='application/x-shockwave-flash' width='470' height='284' data=";
bloginfo('template_directory');
echo "/swf/flvplayer.swf?file=";
$key="video"; echo get_post_meta($post->ID, $key, true);
echo "><param name='movie' value=";
bloginfo('template_directory');
echo "/swf/flvplayer.swf?file=";
$key="video"; echo get_post_meta($post->ID, $key, true);
echo "></object></div>";
} else {
$lastposts = get_posts('numberposts=1&category=3');
foreach($lastposts as $post) : setup_postdata($post);
echo "<P><B>";
the_title();
echo "</B></P><P>";
the_excerpt();
echo "</P></div><div id='player'><object type='application/x-shockwave-flash' width='470' height='284' data=";
bloginfo('template_directory');
echo "/swf/flvplayer.swf?file=";
$key="video"; echo get_post_meta($post->ID, $key, true);
echo "><param name='movie' value=";
bloginfo('template_directory');
echo "/swf/flvplayer.swf?file=";
$key="video"; echo get_post_meta($post->ID, $key, true);
echo "></object></div>";
endforeach;
}
?>