The idea is pretty bad, because of the conflict I described in my question. You cannot make distinction between a click for navigation and a click for video. Don't do it.
But if you want, it would be as simple as that:
<a href="http://codeproject.com">
<video width="320" height="240" controls>
<source src="movie.mp4" type="video/mp4">
<source src="movie.ogg" type="video/ogg">
<source src="movie.webm" type="video/webm">
</video>
</a>
In this case, a click only navigates, and something as Ctrl+Click (it may depend on the browser) may be used to control video. Not every user can figure out what to do.
Double click is not much better:
<div ondblclick="window.location.href='http://codeproject.com'">
<video width="320" height="240" controls>
<source src="movie.mp4" type="video/mp4">
<source src="movie.ogg" type="video/ogg">
<source src="movie.webm" type="video/webm">
</video>
</div>
In this case, first click of the double will move a video, than you will navigate.
So, better thing of some other event, for example, a click by a middle or right button, but then you will need more of JavaScript. It's the best to use jQuery, like here:
http://stackoverflow.com/questions/1795734/triggering-onclick-event-using-middle-click[
^].
But the whole idea is really bad. Why not doing some simple and legitimate thing? Something like:
<a href="http://codeproject.com">Don't abuse your design! Listen to a good friendly advice from CodeProject!</a><br />
<video width="320" height="240" controls>
<source src="movie.mp4" type="video/mp4">
<source src="movie.ogg" type="video/ogg">
<source src="movie.webm" type="video/webm">
</video>
—SA