The links on this thread are old and dead. Any updates to this for LV 7.1 and 8? I'm looking for examples.
You are right about using WMP 10 since MS will at some point probably drop support for earlier versions of WMP. I have however been unable to find an example that uses newer object model. Hence I put together a quick example (test .vi). What I would suggest is open this example in LabvIEW 8.0 and understand its working. Now you can modify/add the properties to add more features to the VI. You would be able to get information about all the ActiveX properties/methods of WMP 10 at MSDN.