I've had a little look into TunerFreeMCE and as far as I can tell the author is simply gathering a list of shows, saving them in a database and using an html page to stream the content. No magic wmv streaming, no tricks, just simple embeded objects.
Two ways I can see this being done in mp.
One: Build a flash player that uses RTMP protocal (for streaming). (hassle) .
Two: Throw the video into an embeded object on an html page like TunerFreeMCE (hassle).