(Reply from TnTinMn comment - post as a response to deletion from the "No response" queue)
If you can write .Net WinForm UserControl to view the video stream, you should be able to create an ActiveX UserControl that you can use in Excel.
Get Microsoft InteropForms Toolkit 2.1.
Although it was originally intended to use UNet Net in VB6, it works great to write UC for use in Excel.
As a test, I just wrote the one that used Windows Media Player and played the video as a UserControl in a worksheet.
Run VS as an administrator, as he should be able to register the control.
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