Perhaps if I can can get Crist's permission I'll design an update for this hack. Re-design and recode the inline flash player.
A few of the FAQ's Crist has listed can be fixed, with very little code changes - I've looked at his code, thoroughly and it doesn't seem that hard to update to run on 3.6 and above. Quite a few changes have been made to vbulletin core files, but not many that would affect this type of modification.
I'm already in the middle of a bigger project that works very similar to this hack, and in development progress. A modification that can play mp3's, video, 'live' tv and radio streaming are all catered for.
I'll contact Crist in the next few days, hopefully with his permission to use his excellent code, and update the flash player.