Playing flash and media files in SharePoint

On our site we had posts(executive messages) getting displayed every week. As a part of this we were storing the title, description, image link(path – this is the link to executive image of who has given the executive message) and video file link(path - we normally upload the video files to the media library and we get the link to video file) in the SharePoint announcements list. Media can be in flash or .wmv format. Requirement is like this.
• There can be video, image and text. In this case when the page loads first image should be displayed then when the user clicks on the image then the image should disappear and video should start playing.
• There can be video and text.
• There can be image and text.
• There can be only text.
• If the text length is more then specified characters then it should get cut of after some specified characters and provide the option of Read more>>

Here is how I have customized XSLT with DataView web part and implemented it.
<script type="text/javascript">

function PlayVideo(photoId, videoId, playerId)
{
document.getElementById(photoId).style.display = "none";
document.getElementById(videoId).style.display = "block";
document.getElementById(playerId).play();
}

function PlayFlashVideo(photoId, videoId, playerId)
{
document.getElementById(photoId).style.display = "none";
document.getElementById(videoId).style.display = "block";
}
</script>

And the output would be like this.