You can set an event to accquire a Direct3D9 Texture that contains the current movie frame, this can be rendered using the Sprite class so that it is 50% translucent. There is an example of this in the SDK in the AudioVideoPlayback section. If you want to use DirectDraw, there is no support at all.
The event is Video.TextureReadyToRender.
What do you mean by "flip"?