I think you might need to use another program to link the REAPER to your media Player. I haven't tried this myself, but have a look at Jack;
http://jackaudio.org/faq/jack_on_windows.html
Quote:
Originally Posted by Maestro77
recording the output of my soundcard or something...
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I'm not sure why we can't do this in REAPER. It's easy enough in
Audacity.
As kulich suggests, it would probably be easier, and perhaps give better results, if you convert the video and import it directly into REAPER.