You can use any of the shadowbox or lightbox effects compoenent (or) module.
I used a component called "Ninjashadowbox" and i posted the following code in an article,before that make sure that you installed the hdflvplayer plugin and have a video with proper ID to specify in the article
here is the code i posted on an article,
<div id="hdflv2">[hdplay videoid=2 ]</div>
<p><a href="#hdflv2" rel="shadowbox;width=700;height=400">HDFLVPlayer2</a></p>
any other ways always welcomed!!