First you will have to add an 'Inline Lightbox' in the Lightbox Plus Plugin settings, change the 'Link Class' and 'Content ID' of this inline lightbox to whatever value you would like eg 'your-inline-style', then reference it in your code with:
<a class="your-inline-style" href="#">Text Link</a>
<div style="display:none">
<div id="your-inline-style" style="background: #000000">
<div id="container1"></div>
<script type="text/javascript">
jwplayer("container1").setup({
file: "your-video.flv",
flashplayer: "http://www.your-site.com/wp-content/uploads/jw-player-plugin-for-wordpress/player/player.swf",
height: 527,
width: 702,
autostart: true,
controlbar: "none",
volume: 80,
icons: "true",
stretching: "fill",
});
</script>
</div>
</div>
You will then have to play around with the width and height of the inline lightbox in the plugins settings and the width and height defined in the code above to get a perfect fit.
Hope that helps!
Edit: this is also assuming you have the JW Player Plugin for WordPress installed.