Some Advice on Web Video Players?

I'm doing some graphic design for someone who is going to have a live video feed being broadcast on his website. The person who is coding the actual site is extremely busy with a myriad of interactive issues and I offered to poke around and look for a video player that will work with the design format. We've got a space dedicated of about 480 X 360 and it's flanked by black bars about 100 pixels wide on each side. We'd like to find a video player that is customizeable in that we'd like it frameless (if possible) or skinable, and with only volume and mute controls since the viewers will not be able to pause or do anything you'd normally do with a looped video. And if possible... we'd like to employ a "HD" look, that is... close to 16:9 in aspect ratio.

Anyone have some suggestions? TIA!