Need to create a custom player - Can the Adobe Media Server do that?

I have a rather unusual application in mind. A website will contain several versions of the same basic file:

• MyFilename.wav

• MyFilename.mp3

• MyFilename.mp4

The user should have 3 (maybe more) "Play" buttons. If s/he wants to see the video+audio (MP4), the "Play 1" button will be clicked. The "Play 2" will play only the audio (MP3). Finally, if the user likes that particular clip (MyFilename) s/he will be able to click (or right-click) yet another button to download a heavy, high quality WAV file for further detailed analysis (voice recognition, speaker identification/verification, noise reduction, etc.).

My concern is that the final WAV deliverable:

(a) can be very big

(b) needs some video for better context, while making the decision whether to download

I gather that WAV is not streamable, correct? Even if it were, it would be a terrible idea.

That is the reason that for quick listening, there will be an MP3 (or its replacement AAC).

Can Adobe Media be used for this application? If negative, what tool should I use?

TIA