From my little understanding about life in general, I assume that the feature you are asking is something to actually tell the OS to do, such as, "Open With" command when right clicking on the file that it is you want to specify from now on what it should open (and in your case play with).
I am interested to know if there is some kind of ActionScript (if it exists) that can direct the .swf what video player to open up and play with according to the extension type.
@The resident experts.
Please post here if such a Script exists. Cheers.