I've created another account on my PowerBook for ducky stuff (mostly to allow people to upload to my PB), and have been fast-switching back and forth. The only problem is, when I've got iTunes running on my account, I can't run it on the ducky account. For some reason, the Finder also refuses to open the Music folder on my account, even though the ducky account has permissions to it.
So, quite by accident, I found a solution: Niep! For some reason, when I play music on Niep and then switch users, the music keeps playing. It's probably because there's some signal that I never implemented a handler for, but whatever the case, it's quite useful.
I hardly ever use Niep anymore, but I did use it a couple of months ago to show LoTR DivXs on a TV. It was split up into 3 files, so I just dumped it into a Niep playlist, put it in fullscreen mode, then hit play. There were slight lags where one file ended and another started, but it otherwise worked like a charm.
Long live Niep!