Are you only interested in building the player application, or do you also wish to write an MPEG2 media source and decoder?
Media Foundation (MF) does not currently have built-in support for MPEG-2. So, while you could write a media player application using MF, you would also need to supply an MF MPEG-2 media source and decoder MFT.
If you're interested in building the necessary MF components, then you should familiarize yourself with the MF architecture and SDK documentation. This can be found at: http://msdn2.microsoft.com/en-us/library/ms694197.aspx
However, if you only want to build the player app, and not write a media source and decoder, you have several options. First of all, you could make use of the Windows Media Player OCX control in your application to provide media playback functionality. Another option would be to build your application using DirectShow. Both of these options already have support for playing MPEG-2 transport streams.
