Enounce MySpeed Question

Hi, I'm new here and in the scheme of things reasonably new to programming and was looking for help and advice.

I'm thinking of writing some software similar to Enounce's MySpeed, but with some extra functions. For those of you that are unaware MySpeed speeds up and slows down streaming Flash media (e.g. from Youtube).

There's two parts to this project:
1. Write an application similar to MySpeed
2. Add the extra funcions

If any of you could give me some pointers on how to achieve part 1 I'd be very grateful.

Thanks