i suggest using an object embed coding instead of a script coding, and remove the word wrapping and parse text as links inside the bbcode, for the video to work
here is the embed version
Code:
<object classid='clsid:D27CDB6E-AE6D-11cf-96B8-444553540000' width='470' height='320' id='video1' name='video1'>
<param name='movie' value='http://{forum-url}/player.swf'>
<param name='allowfullscreen' value='true'>
<param name='allowscriptaccess' value='always'>
<param name='wmode' value='transparent'>
<param name='flashvars' value='file=http://{param}'>
<embed
id='video2'
name='video2'
src='http://{forum-url}/player.swf'
width='470'
height='320'
bgcolor='#000000'
allowscriptaccess='always'
allowfullscreen='true'
flashvars='file=http://{param}'
/></object>
to customize your player options, go to the
JW Player Setup Wizard