V,
You should be able to add the Media Module right above the "============== DO NOT ALTER ANYTHING BELOW THIS LINE ! ===============" comment. As you pointed out, you will need to use the custom Analytics library option as there is no built-in functionality yet. You can see a working example of the code on a test site located here. Below is an excerpt from the test site's Analytics library:
/* Media Module Config */ s.loadModule('Media'); s.Media.autoTrack=false; s.Media.playerName='YouTube'; s.Media.segmentByMilestones=true; s.Media.trackMilestones='25,50,75'; s.Media.trackUsingContextData=true; s.Media.contextDataMapping = { 'a.contentType':'eVar13', 'a.media.name':'eVar11,prop11', 'a.media.segment':'eVar12', 'a.media.view':'event11', 'a.media.complete':'event15', 'a.media.segmentView':'event17', 'a.media.timePlayed':'event16', 'a.media.milestones':{ 25:'event12', 50:'event13', 75:'event14' } } s.Media.trackVars='events,eVar11,eVar12,eVar13,prop11'; s.Media.trackEvents='event11,event12,event13,event14,event15,event16,event17'; /* * Media Module */ var j=null;function E(){return function(){}} function AppMeasurement_Module_Media(s)<MINIFIED_CODE_REMOVED> /* * Module: Integrate */ function AppMeasurement_Module_Integrate(s)<MINIFIED_CODE_REMOVED /* ============== DO NOT ALTER ANYTHING BELOW THIS LINE ! =============== AppMeasurement for JavaScript version: 1.4.3 Copyright 1996-2013 Adobe, Inc. All Rights Reserved More info available at http://www.omniture.com */