This is about a basic Flash video player, similar to the one on YouTube. The graphic design of the player, as well as the functional specifications are clearly defined.
The only tricky aspect of this project is the performance of the player. Like YouTube, it should be able to start playing as soon as the beginning of the file is loaded. The difference is that it may have to play larger files, like movie trailers in higher resolutions, e.g. 800x450.
Good understanding of PHP and/or server-side scripting in general is important, as the Flash will have to load session specific data.
A web developer and a product manager will assist you on this project.