Works just fine here using Firefox and internal mplayer, both audio and video and I am using VL 5.8 SOHO. Perhaps their website was having a problem when you tried it or else you must have done some sort of upgrading to your system recently??
It cannot be their website since I switch to slackware and it worked and back to VL and it does not work. Now what I noticed is that both seamonkey and firefox insist on using totem as external player for this website. I seem to be unable to change to mplayer (where?). In both browsers I cannot find settings like in opera. As for my system I only installed and uninstalled "evince" lately.
A further curiousity is that in firefox/seamonkey I get video with totem and no sound and with mplayer only sound and no video. It sends an error that it cannot open the video. Again this only holds for this particular website.
hanumizzle, yes your solution works only I have a hard time extracting the website. That gave me the idea for the opera fix. You might suggest now to play totem and mplayer together for both video and sound :-) :-)