Can jPlayer be integrated with the Video module?
I hope I can help you

First of all. 

The jplayer you have installed 

here is a tutorial that will help get up and running with that Jplayer Tutorial

Second of all, the video module you have, Is for making a new filefield with a new content type, make a view that shows the filefield. 
You should either choose one of the following options. and not both of them.

Hope this helps. I am currently myself working on something smiliar. 

I would also like to help you by showing you this link

Its a Drupal distribution called Octopus : Octupus Drupal

Hope this helps :)