Playing video is very expensive task. Just updating 4K screen at 60 frames per second requires transferring of 3840×2160×60 ~ 497 million pixels or 1,49 Gbytes per second (if you skip every fourth byte). It will take at least several instructions (in the best case) to calculate value of every byte so the CPU should be able to perform billions of instructions per second.
I doubt you can do it without a "modern PC" with hardware graphic accelerator.
Also modern codecs require lot of computations and lot of memory. For example, codecs like VP9 require to buffer up to 8 frames for reference. That would take 8×3840×2160×4 ~ 265 Megabytes of RAM. The program will need to extract bits, decode arithmetic coding and calculate lots of IDCTs.
I did some research to see if it is possible to play Youtube video on 8-bit CPUs. What I found is that there is little hope for this. It's better to develop your own video compression format.