MPlayerWidget
MPlayerWidget is a widget wrapper around MPlayer. Unlike other solutions that use the XEmbed protocol to embed an MPlayer window in a user interface, this solution passes the X handle of an existing QLabel widget to MPlayer so that it can render its output directly onto it.
Henning Schröder posted a link to his PyQt (Qt 3) MPlayer wrapper widget in a message to the mailing list. He has kindly donated the code to the community, and it can also be obtained from this page.