This effect was originally available for console versions but it was absent in the PC version. Download from Mod DB
Use the FPS cap fix. Available options are 40 FPS, 50 FPS, 60 FPS, and unlimited.
Change the default .wmv video player to Windows Media Player.
Rename FMV folder located in <path-to-game>/Game/Disc/ (to FMV_old, for example).