As long as the IDE bus can transfer data fast enough, I would think you should be able to use one of the Creative labs DXR2 or DXR3 Decoders or one of the Sigma RealMagic Decoders with a P75.
Those decoder cards do ALL the Audio/Video decoding, the PC is just really responsible for getting the data off the DVD drive, which a P75 SHOULD be able to do, assuming a PCI connected IDE controller (onboard from P75 era MAY or MAY NOT be up to the task, but there's lots of Win9x supported PCI ATA66-133 cards on the market).