Playing video the way quicktime plugin does?

Hi, i would like to make a little video player in flash that would behave the way the quicktime plugin does. I am working with embedded video. So, you know when you click a link to a quicktime movie, the quicktime player comes up and starts downloading the movie, and it displays a progress bar in gray under the movie, and what is really nice is it estimates whether you are downloading the video fast enough to play it. If you are it loads just enough so that it can play the video while loading the rest without lagging. It’s not perfect, but usually works. So basically, if you are dowloading it fast enough, you don’t have to wait for the whole thing to load before it plays. I would like to do the same thing with a video within Flash. Any ideas on how to do this. I understand how to preload something, but what i would like is for flash to analyze the dowload speed of the user, and dertermine how much to load before playing, rather than load the whole thing first. I guess it is like streaming in a way.

Also, i would like to display the current time of the movie. I did a search but could only find how to display a timer that counts the time from when the movie starts. I would like something that tells the current time of the video, so that if you pause the video, the time pauses too.

I hope i have explained everything clearly. If not, let me know. Any helps or ideas will be very appreciated.