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/Peo, FreeWebSpace.net
Well I have never found this type of arrangement. But in every video player there is an option of online store where you can get music online. But youtube live on video player, I think it is not possible.
Just get a codec pack called Vista Codec Pack, or Windows 7 Codecs from http://www.shark007.net - plays nearly every file inside WMP. Some files will need customized settings because of the specific codec used, since some filetypes don't use just 1 codec, they're a group of them, but its good. Its the only codec pack I use and helped me ditch Quicktime (for MP4/mov etc) and VLC. It comes in 32/64bit.