If you have a desktop pc powerfull enough, you can stream real time transcoded video to you Z
Go to open file (advanced), chose your file,
click on output check box and in parameters
choose click http and put the ip of your pc (ie 192.168.0.1)
choose MPEG 1,
mp1V for video codec, 512 kbps, scale 1
mp2a 96 kbps
then on your Z use your mplayer favorite options (I think -framedrop is a must,
and open http://192.168.0.1:1234.
I choose mpge1 as I think its decompression is less cpu intensive, with
the above options video (a cartoon) was watchable, try by yourself there are lots of other choices
You can also stream a DVD an watch it on your Z this way
Anyway maybe some will find this usefull.