Lots of people have been asking me about Silverlight in SharePoint, and I've been meaning to work something up (I still will - that's the whole reason for running my own server.)  But Mark Brown has a nice writeup on putting a streaming media player on your SharePoint sites.  We did this with Flash back before Silverlight was announced (and had some definite fun getting it to work) but I always knew it would work better with Silverlight.

Anyway - go have a look and try it out.  I know Carlos and the other training groups can have a field day with this.  http://www.liveside.net/blogs/developer/archive/2007/12/05/add-silverlight-to-sharepoint-2007.aspx