I am working on a module where i have to show all the videos list on the left side of a page with thumbnail.& videos player on the center which plays video after clicking. from the list.
Need suggestions for open source video player.
Just like what CoursesWeb suggested, jwplayer is your best choice. Another one is flowplayer both players supports pseudo-streaming by php and RTMP streaming. Depending on video extensions you currently have on your site, you can either decide which one to use. If you site's videos are flv either one can do the job equally. However, if the video extension is mp4 the best choice will be jwplayer. JWplayer can pseudo-stream mp4 files without the need of h264 streaming modules. All there is need to be done in mp4 preparation is to move the moov atom of the video.
The linked demo above is running YouTube API loaded on jwplayer, but it can be easily modified with video hosted locally on your server.. of course that's another area and expertise asked in this forum a while back.