HELP reading WMV like a DVR

I have no code yet cause i have no idea where to start.
Apparently I will soon be working on a software that basically does with a wmv file what Argus DVR does with its recorded media.
If you're not familiar, here's the catch up.
Be able to look at the video on a time line, grab any frame from any where on that time line, have the timeline accuratly represent the transfered recording's original creation time, also grab any 2 points on the timeline and download/export video of just the frames within those two points.

My question is simple ... Where to get started, and what things might i should know about dealing with this?

I've read quite a bit on dealing with this some from the wmsdk9 and ffsho andblah blah old stuff. but dotnet is almost rady for 4.0 and wmsdk is now up to like 11 or somthing like that and every other article i read stomps on the previous by pointing out old code no longer supported and junk like that. So i really need to knowwhat is working NOW? preferably i vb, i suppose we can go # if i have too and possibly ++ but let's try to keep it simple, i'm trying to avoid those languages these day :P

Anyway, always happy to hear any input.