Thanks, I'll try this when i get home from work.
I think i'll try using the rtsp port as indicated prior:

'mplayer http://user:password@192.168.0.197:5...mjpg/mjpeg.cgi'

and see if there's any way to play the audio stream at the same time (if that's even possible). I already have personal menu installed, so it shouldn't be too complicated to figure out how to add an icon with a command line argument.

I'll let you know how it goes.