According to this Pastebin entry, linked to in this mailing list, it can be solved using a method like this:
import vlc
i = vlc.Instance('--verbose 2'.split())
p = i.media_player_new()
p.set_mrl('rtp://@224.1.1.1')
p.play()
I haven't tried it though, so please let me know if it works.
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