To compile JWPlayer, you need two things:
1. Flash CS4 (or CS5)
3. Download Source Code of JW Player at:
Choose the lastest version, download and unpzip to your folder. For example, I’m using JWPlayer5
Now open Flash CS4, Creat New choose Flash File (ActionScript 3.0)
Click Ctrl + S , name file (ex. player.fla) and save it at C:JWPlayer5SRC (must be SRC)
Go to Properties, at tab Publish, copy and paste below code to Class:
com.longtailvideo.jwplayer.player.Player
Below Tab Properties, at Stage you can choose color of default background for JW Player, I choose white color (#000000)

Ctrl + U to show Preferences, Choose ActionScript, click ActionScripts 3.0 Settings
At Flex SDK path, find to directory Flex SDK v4.

Click OK twice.
Hold Ctrl + Shift + F12 (or FilePublish Settings) to show Publish Settings

Settings, you choose tab Library path, clear all and +. Copy and paste below line:

Click OK to save and return to Public Settings:

Clcik Publish to compile. Go to C:JWplayer5src and you get jwplayer swf:
That’s all.
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