Hari - one way to achieve what you want is to place fast forward and rewind buttons within your GUI which, when pressed, would pause the video and allow the user to scrub in either direction. When scrubbing (i.e. pressing the button) the progress on the timeline would update and the user would get an idea of where they are now in the timeline. Pressing the play button would then restore the playback.
An alternative, which would be more complicated but still doable, would be to have your timeline respond to mouse button down and motion events so that the the user could drag the current position to some future or past position within the timeline. Again, the playback would pause when the user starts scrubbing and he/she would be required to press the play button to resume playback. (Or simply releasing the mouse button might be sufficient to restore playback.)
