const
  Flibvlc = 'libvlc.dll';

type
  Flibvlc_instance_t     = Pointer;
  Flibvlc_media_t        = Pointer;
  Flibvlc_media_player_t = Pointer;

function  libvlc_new(argc: Integer; argv: PPAnsiChar): Flibvlc_instance_t; cdecl; external Flibvlc;
procedure libvlc_release(inst: Flibvlc_instance_t); cdecl; external Flibvlc;

function  libvlc_media_new_path(inst: Flibvlc_instance_t; path: PAnsiChar): Flibvlc_media_t; cdecl; external Flibvlc;
procedure libvlc_media_release(media: Flibvlc_media_t); cdecl; external Flibvlc;

function  libvlc_media_player_new_from_media(media: Flibvlc_media_t): Flibvlc_media_player_t; cdecl; external Flibvlc;
procedure libvlc_media_player_release(mp: Flibvlc_media_player_t); cdecl; external Flibvlc;

procedure libvlc_media_player_set_hwnd(mp: Flibvlc_media_player_t; drawable: HWND); cdecl; external Flibvlc;
procedure libvlc_media_player_play(mp: Flibvlc_media_player_t); cdecl; external Flibvlc;
procedure libvlc_media_player_stop(mp: Flibvlc_media_player_t); cdecl; external Flibvlc;

var
  FVLC    : Flibvlc_instance_t;
  FMedia  : Flibvlc_media_t;
  FPlayer : Flibvlc_media_player_t;

procedure TForm1.BitBtn1Click(Sender: TObject);
var
  LFileName: String;
begin
  with TOpenDialog.Create(nil) do
  try
    if NOT Execute then exit;

    LFileName := FileName;

    if FPlayer <> nil then
    begin
      libvlc_media_player_stop(FPlayer);
      libvlc_media_player_release(FPlayer);
      FPlayer := nil;
    end;

    FMedia  := libvlc_media_new_path(FVLC, PAnsiChar( AnsiString(LFileName) ));
    FPlayer := libvlc_media_player_new_from_media(FMedia);

    libvlc_media_player_set_hwnd(FPlayer, Panel1.Handle);
    libvlc_media_player_play(FPlayer);
  finally
    Free;
  end;
end;

procedure TForm1.FormCreate(Sender: TObject);
begin

  ReportMemoryLeaksOnShutdown := TRUE;

  FVLC    := libvlc_new(0, nil);
  FMedia  := nil;
  FPlayer := nil;
end;

procedure TForm1.FormDestroy(Sender: TObject);
begin
  if FPlayer <> nil then
  begin
    libvlc_media_player_stop(FPlayer);
    libvlc_media_player_release(FPlayer);
  end;

  if FMedia <> nil then
    libvlc_media_release(FMedia);

  if FVLC <> nil then
    libvlc_release(FVLC);
end;