I did some sleuthing and found a couple of alternative URL's that are embedded in the page with the videos that you can use to stream the video directly to Windows Media Player:
mms://rx-lvl3-pa07.rbn.com/farm/*/ibmpdc/pdc/open/wmdemand/jan07/smarcus/lotusphere-v300.wmvEither of those should launch Windows Media Player, breaking you free from the embedded viewer. You will not be able to save the file directly from WMP, and you still can't fast forward and rewind. If you want to do that you'll need an ASX ripper. I used SDP to get the video I uploaded to Google.