Hi Stuart,
I had the same problem a little while ago so I posted my problem up on the COW like yourself. I don't think this is possible in dreamweaver (if it is it's very complex). Someone (I think it was Fernando) said I should take a look at this tutorial and do it flash:
http://library.creativecow.net/articles/ross_tony/Simple_Multi-VideoPlayer_...
The whole action-script coding thing is beyond me personally so rather than learn it, I kind of just cheated it and created separate pages to make it look as if the video is playing in the same area on the same page:
http://www.clicktonemedia.com/Site%20Folder/Videos%20Page/Pages/videos.html
Because the pages are almost identical it didn't take that long; I just 'saved as' and gave each page another name, and then re-assigned the links. This is probably not the best way of doing things but it worked out well for me.
Hope this helps, Mike
Michael Folorunsho
Video Producer/Creative Director
Clicktone Media
Creative Dynamic Video Production
www.clicktonemedia.com