el codigo es original de Leandro Ascierto solo cambie un poco este:

Solo se nesesita un modulo
        No requiere Formulario
No tiene dependencias
        Por ende quite el WindowsMediaPlayer y ya trabaja sobre MCI
Al estar COMPILADO y al Arrastrar un Archivo de Música, Video o Imagen se reproduce (OJO las imagenes no tardan mucho en cerrar Sorry jem)

Al termino de la Reproducción del Archivo se Cierra Automaticamente.

Source Solo se nesesita un Modulo

Option Explicit
'By Leandro Ascierto
'Modificado por BlackZeroX (Parte MCI)
'Corrección Api SystemParametersInfo
'Private Declare Function SystemParametersInfo Lib "user32" Alias "SystemParametersInfoA" (ByVal uAction As Long, ByVal uParam As Long, byval lpvParam As Any, ByVal fuWinIni As Long) As Long
Private Declare Function SystemParametersInfo Lib "user32" Alias "SystemParametersInfoA" (ByVal uAction As Long, ByVal uParam As Long, lpvParam As Any, ByVal fuWinIni As Long) As Long
Private Declare Function SetSysColors Lib "user32.dll" (ByVal nChanges As Long, ByRef lpSysColor As Long, ByRef lpColorValues As Long) As Long
Private Declare Function GetSysColor Lib "user32.dll" (ByVal nIndex As Long) As Long
 
'Declraciones Anidadas
Private Const SPI_GETWORKAREA = 48
Public Type RECT
    Left As Long
    Top As Long
    Right As Long
    Bottom As Long
End Type
Private Declare Function mciSendString Lib "winmm.dll" Alias "mciSendStringA" (ByVal lpstrCommand As String, ByVal lpstrReturnString As String, ByVal uReturnLength As Long, ByVal hwndCallback As Long) As Long
'Private Declare Function ShowWindow Lib "user32" (ByVal hwnd As Long, ByVal nCmdShow As Long) As Long
'Private Declare Function GetActiveWindow Lib "user32" () As Long
Private Declare Function WaitMessage Lib "user32" () As Long
Private Declare Sub Sleep Lib "kernel32" (ByVal dwMilliseconds As Long)
'Fin
 
Private Const COLOR_BACKGROUND As Long = 1
Private Const SPIF_UPDATEINIFILE As Long = &H1
Private Const SPIF_SENDWININICHANGE As Long = &H2
Private Const SPI_GETDESKWALLPAPER As Long = 115
Private Const SPI_SETDESKWALLPAPER As Long = 20
Dim lOldColor As Long
Dim sOldWallPaper As String
 
Sub Main()
    'Sustitución de la Dependencia WindowsMediaPlayer por el MCI
    Dim T_rect As RECT
    Dim data As String
    data = Space(255)
    mciSendString "close all ", 0, 0, 0 'Activa la linea si Aun no lo compilas
    mciSendString "open " & Command$ & " alias MedioX style popup ", 0, 0, 0
    SystemParametersInfo SPI_GETWORKAREA, 0, T_rect, 0
    mciSendString "put MedioX window at 0 0 1 1 ", 0, 0, 0
    mciSendString "play MedioX ", 0, 0, 0
    mciSendString "window MedioX state hide", 0, 0, 0
    mciSendString "put MedioX window at 0 0 " & Int(T_rect.Right - T_rect.Left) & " " & Int(T_rect.Bottom - T_rect.Top + 40) & " ", 0, 0, 0
    'ShowWindow GetActiveWindow, 0
'--------------------------------------
    'Source Leandro Ascierto
    sOldWallPaper = Space(255)
    'SystemParametersInfo SPI_GETDESKWALLPAPER, 255, sOldWallPaper, 0 'Original
    SystemParametersInfo SPI_GETDESKWALLPAPER, 255, ByVal sOldWallPaper, 0 'Corrección
    lOldColor = GetSysColor(COLOR_BACKGROUND)
    Call SystemParametersInfo(SPI_SETDESKWALLPAPER, 0, " ", 0)
    Call SetSysColors(1, COLOR_BACKGROUND, RGB(16, 0, 16))
    Do
        mciSendString "status MedioX mode", data, 255, 0
        If Not Left(data, 7) = "playing" Then
            Exit Do
        End If
        DoEvents
        Debug.Print Left(data, 7)
        WaitMessage
    Loop
    Call SystemParametersInfo(SPI_SETDESKWALLPAPER, 0, sOldWallPaper, 0)
    Call SetSysColors(1, COLOR_BACKGROUND, lOldColor)
End Sub
 

Post Original

Arrastra un archivo multimedia sobre él y lo reproduce.
No me gusta mucho, puesto que después el fondo de pantalla queda negro 

Ah mira, está curioso, aunque a mí las imágenes no me las muestra pero los vídeos y la música si la reproduce, el único problema es que me deja sin fondo de escritorio, si no fuese por eso me molaría más xD

Está bueno el code BlackZero