I would love to give this a shot, I tried doing it with the following bbcode:

Tag name :
flv

Code replacement:
href="{URL}"
style="display:block;width:425px;height:300px;"
id="player1">


<script language="JavaScript">
flowplayer("player1", "/flowplayer-3.1.5.swf");
</script>

Example:
FLV:[flv]URL[/flv]

So when I put the code [flvhttp://www.coursesaver.com/Chad/Dat1-1.flv[/flv] in I get an error 200 Stream not found.

Trying the changes on this page:http://www.coursesaver.com/showthread.php?2876

I tried searching all the forums but couldn't get it working even with this page:http://www.phpbb3bbcodes.com/viewtopic.php?f=52&t=2513

Not sure if it is a problem with Vbulletin 4, or if I am missing something big.