URL Anchors in Audio/Video?

This seems like a problem that must have been solved already: How does one create a URL that links to a specific frame/time in an audio or video stream? HTML pages are fine grained; you can link right to a specific word with an anchor. But I can't find a way to make something like this work:

http://www.randomnews.com/2005/09/25/broadcast/audio/seg_04.mp3#00-02-21-03

This supposes something like a "virtual anchor" in the mp3 audio that would let the user navigate to a point 2 minutes 21.03 seconds into the stream. It's not really useful for indexes, search engines and other navigation tools to simply load up a 1 hour podcast or other media blob containing the reference you're looking for, then leave you to your own devices to find the point of interest.

It seems likely that Windows Media Player has execution parameters that allow you to specify the start point in the stream on launch, but my goal is to find a general syntactical solution via URLs to this problem, not a player-specific parameter. Has anyone seen this problem solved with URLs in an elegant way?