Here is a small php script which will grab VideoBB download link and is able to stream it to JW Player. Streaming uses server bandwidth due to VideoBB same IP restriction.
You can also use the included class separately to suit your own needs.
This will not work as now videobb uses Encryption to generate tokens , I will update the php script when i get some time.
Till then unless you have the php solution avoid commenting.
For a reliable and always working streaming look into Vidfetch , Both VideobBB and VideoZer work using Vidfetch.