Pues con lo de iframe lo logre finalmente, y si, existen muchas etiquetas param, he probado pero ninguna funciona:
Código:
<OBJECT ID="MediaPlayer"
WIDTH="434" HEIGHT="300"
CLASSID="CLSID:22D6F312-B0F6-11D0-94AB-0080C74C7E95"
STANDBY="Loading Windows Media Player components..."
TYPE="application/x-oleobject">
<PARAM NAME="FileName" VALUE="" valuetype="ref" ref>
<param name="AudioStream" value="1">
<param name="AutoSize" value="0">
<param name="AutoStart" value="0">
<param name="AnimationAtStart" value="0">
<param name="AllowScan" value="-1">
<param name="AllowChangeDisplaySize" value="-1">
<param name="AutoRewind" value="0">
<param name="Balance" value="0">
<param name="BaseURL" value>
<param name="BufferingTime" value="5">
<param name="CaptioningID" value>
<param name="ClickToPlay" value="-1">
<param name="CursorType" value="0">
<param name="CurrentPosition" value="-1">
<param name="CurrentMarker" value="0">
<param name="DefaultFrame" value>
<param name="DisplayBackColor" value="0">
<param name="DisplayForeColor" value="16777215">
<param name="DisplayMode" value="1">
<param name="DisplaySize" value="1">
<param name="Enabled" value="-1">
<param name="EnableContextMenu" value="-1">
<param name="EnablePositionControls" value="-1">
<param name="EnableFullScreenControls" value="-1">
<param name="EnableTracker" value="-1">
<param name="InvokeURLs" value="-1">
<param name="Language" value="-1">
<param name="Mute" value="0">
<param name="PlayCount" value="0">
<param name="PreviewMode" value="0">
<param name="Rate" value="1">
<param name="SAMILang" value>
<param name="SAMIStyle" value>
<param name="SAMIFileName" value>
<param name="SelectionStart" value="-1">
<param name="SelectionEnd" value="-1">
<param name="SendOpenStateChangeEvents" value="-1">
<param name="SendWarningEvents" value="-1">
<param name="SendErrorEvents" value="-1">
<param name="SendKeyboardEvents" value="0">
<param name="SendMouseClickEvents" value="0">
<param name="SendMouseMoveEvents" value="0">
<param name="SendPlayStateChangeEvents" value="-1">
<param name="ShowCaptioning" value="0">
<param name="ShowControls" value="-1">
<param name="ShowAudioControls" value="-1">
<param name="ShowDisplay" value="0">
<param name="ShowGotoBar" value="0">
<param name="ShowPositionControls" value="0">
<param name="ShowStatusBar" value="-1">
<param name="ShowTracker" value="-1">
<param name="TransparentAtStart" value="0">
<param name="VideoBorderWidth" value="0">
<param name="VideoBorderColor" value="333333">
<param name="VideoBorder3D" value="-1">
<param name="Volume" value="-1">
<param name="WindowlessVideo" value="-1">