Download the latest version of VLC, i'm sure it will work anyway, but just to have the same setup as me.
Add the VLC ActiveX as a component to the VB5 /6 project, it will put 2 traffic cones into the toolbox, called VLCPLugin and VLCPlugin2.
Place a new VLCPlugin control on your form and size it suitably, and add the following code to a button or the form load:
VLCPlugin1.addTarget "c:\winvideo\sample.avi", Null, VLCPlayListInsert, -666
If you turn on autoplay, or use a vlc play list option with the word "go" in it, it will play the clip automatically.
You can use the fullscreen option to put it into fullscreen mode.
Hope this helps.