Figured I'd test this out.

Sheep pack 2170 plays beautifully in mplayer, although transitions aren't seamless as mplayer releases the screen between mpegs.

Render+play = not happening on the N800, heh. Not for any meaningful values of render.

What I'd recommend doing is using VirtualDub to join a number of sheep by hand and then play that file...it'll look pretty and be entirely useless, but that's rather the point, isn't it?