Well, what I did for the codecs is went to www.videolan.org/vlc and downloaded that nice little free app: you won't need any additional codecs with that player. You'll only need to configure it as your default player.

As for the preview function, you need to go to the LW preferences/Options.
From there you need to click on the Player tab from the list on the left and then tick the box and click Apply (if it is already ticked, try unticking it, Apply, then re-ticking it)

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iMac G4 OSX 10.3.9
RAM 256MB
LW 4.10.5 Basic
ADSL anything from 3 to 8Mbps/around 1024kbps

"Raise your can of Beer on high
And seal your fate forever
Our best years have passed us by
The Golden Age Of Leather"
-Blue Öyster Cult-