Whoah! Looks like you put some serious thought into this, Nimble. Pretty cool idea, and I'd love to help you out with it, but (yes, theres a but) I'm pretty busy working on a couple of other projects right now. What I can do, however, is point you in the right direction of getting started making it yourself, and then you could talk to me about problems you're having. Would that be cool? Yes, that would be cool. Heres a http://www.microsoft.com/downloads/details.aspx?FamilyID=e43cbe59-678a-458a-86a7-ff1716fad02f&displaylang=en to the Windows Media Player SDK. Thats a pretty in-depth piece of reference material that will be able to help you do pretty much everything you could want in a media player. It has everything from sample codes to full out, hard-core, coding.
To get you started, you should know that all media player skins are simply renamed zip files. The extension has just been changed from .zip to .wmz. To take apart a skin and see what makes it work, just rename it back to a .zip file and extract it into a folder. There, the .wms file can be opened with any text editor and fiddled with. The images that you extracted are just normal images bitmap and the like. A good skin to take apart would be MyPod, by CerebroJD (me

), since it contains everything I've ever learned about skinning WMP in it. I've tried to put little notes in the code that will help people like yourself get started.
I hope I've been some help. Remember, you're not going to be an awesome skinner right off the bat. Start out with some simple, little skins, to get familiar with the workings, the build up to more complex stuff. Good luck!