I wanted to play that WMV video but I couldn't because of missing WVC1 codec.
Wikipedia says it is Windows Media Video 9 Advanced Profile and that it requires Windows Media Format 11 Runtime or Windows Media Player 11.
Instead of trying to update files from those packages I found out that MS distributed last year a wvc1dmo.exe package, a copy of which I have been able to find here.
It contains the WVC1 encoder and the decoder in separate files. The encoder does not work as it has missing functions in dependencies but the decoder works OK and allows to play the above file. It is wvc1dmod.dll and it just need to be copied somewhere and regsvr32ed.
It is possible that more recent versions of wmvdmod.dll than the one I have installed (from WMP10 or 11) also allows videos using this codec to be played on 98SE/ME but I am not sure as I haven't tried that.
