1Please check you have all the vshare requirements .
http://vshare.in/requirements.html

2.Please try to create the thumb nail with mplayer.

http://docs.buyscripts.in/Create_Thumbnail


3.You need to check if video is getting converted to FLV, if not check debug log file at templates_c/debug.txt

More details available at

Video Not Playing
Video not getting converted to flv
Create Thumbnail - START