Ven sai
The best solution for that should be using a third party toolkit such as the DirectShow SDK. We tried using the DirectShow SDK before, but we were not familiar with it, and it was just too complex.
We searched for another toolkit, and found a commercial toolkit that uses the DirectShow filters. It helped us to use the filters of DirectShow in an easy way. It has .NET controls for playing and processing videos. I searched on their website and found these 2 links that should help you getting started:
http://support.leadtools.com/CS/forums/40697/ShowPost.aspx