From Johnny Lee:
P-in-P contains two modules: P-in-P Live and P-in-P Movie. P-in-P Live displays the digitized video on an always-on-top window. So you can watch your favorite TV or video tapes while working. P-in-P Movie is a QuickTime movie player. It displays the movie on an always-on-top window. So you can watch your favorite movie while working. P-in-P Movie supports drag-and-drop. Just drag the movie file and drop it onto its window or its icon, you'll get your movie on a 'Picture-in-Picture' window.
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