Yup, it is possible. You can either hook into the MH Play Media code, or you can trigger off the event "Media has started playing", create a new table in pluto_media for File_PlayCount, and Attribute_PlayCount, which you could use to join to file and attribute tables, so that you could use that information to create playlist entries on the file browser, to trigger those queries...
If you hook into the media handler, you can call MH Play Media with the contents of this virtual playlist... the user can then decide to edit and/or save this as a concrete playlist from the orbiter.
Yes, this is possible, somebody take on the challenge to do it.
-Thom