Is it can do? yeah, its posibel. we can do it with VLC media Player.
VLC is the free software. you can download it by this address.
After the download, Install it. if you have the latest version; no need to download again.
else it, i mean its old version(Before the v 9.6) you must download new version before the doing this.
ok, lets start.
open any video from your computer using VLC.
Now click video tab, then click Output Modules and select DirectX.
Now you can see a new player.
Then directly going to Video -> Set as wallpaper
now you can see its working like a wallpaper.
*Remember Doing this trick you must install DirectX in your computer
Thank you for read.
See you again.