bsplayer should be able to access the direct show codec wmp uses.
could it be you're playing some encrypted stuff (you downloaded a license key)? (i don't think bsplayer supports copyrighted stuff, but honestly i've never tried.)
however if you can figure out the needed .ax or .dll library (ffdshow.ax, i think, this is the codec...) you may try to copy it to some (proper) bsplayer (subdir) (i currently don't have access to a bsplayer installation, so i cant say wich - the directory containing bsplay.exe may work...)
finally cou can try to use another codec (mpeg 4.2 should be a hacked ms codec, more popular as divX;-) )
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