Of course PAUSE is available.
I wrote this quick sample, you can see how controls can be used.
If you want to "toggle" the Play button to become Pause, you will have to check the status of the player, someting similar to what I did using the MUTE button (you can click the same button to MUTE and UNMUTE)
Sorry if this code is very bare bones but I wrote it in a jiffy 
PHP Code:
<HTML>
<HEAD>
</HEAD>
<BODY>
<OBJECT ID="Player" height="400" width="400" CLASSID="CLSID:6BF52A52-394A-11d3-B153-00C04F79FAA6">
<PARAM name = "Volume" value="50">
</OBJECT>
<BR><BR>
<INPUT TYPE="BUTTON" NAME="BtnPlay" VALUE="Play" OnClick="Play()">
<INPUT TYPE="BUTTON" NAME="BtnPause" VALUE="Pause" OnClick="Pause()">
<INPUT TYPE="BUTTON" NAME="BtnStop" VALUE="Stop" OnClick="Stop()">
<INPUT TYPE="BUTTON" NAME="BtnMute" VALUE="Mute" OnClick="MuteMe()">
<INPUT TYPE="BUTTON" NAME="BtnUnMute" VALUE="UnMute" OnClick="UnMuteMe()">
<INPUT TYPE="BUTTON" NAME="BtnVolUp" VALUE="VolUp" OnClick="VolumeUp()">
<INPUT TYPE="BUTTON" NAME="BtnVolDown" VALUE="VolDown" OnClick="VolumeDown()">
<INPUT TYPE="BUTTON" NAME="BtnStatus" VALUE="Status" OnClick="Status()">
<SCRIPT>
<!--
var WMState = new Array();
WMState[0] = "Undefined";
WMState[1] = "Stopped";
WMState[2] = "Paused";
WMState[3] = "Playing";
WMState[4] = "Scan Forward";
WMState[5] = "Scan Reverse";
WMState[6] = "Buffering";
WMState[7] = "Waiting";
WMState[8] = "Media Ended";
WMState[9] = "Transitioning";
WMState[10] = "Ready";
WMState[11] = "Reconnecting";
function Status () {
x = Player.playState;
alert("Windows Media Player is " + WMState[x] + "\r\r" + "Player Version:" + Player.versionInfo);
}
function Play () {
x = Player.playState;
if (x == 2) {
Player.controls.play();
}else{
Player.URL = "http://bpd.plantedtank.net/tf2_teaser01_720p.wmv";
}
}
function Pause () {
Player.controls.pause();
}
function Stop () {
Player.controls.stop();
}
function MuteMe () {
x = Player.settings.mute;
if (x == 0) {
Player.settings.mute = "1";
}else{
Player.settings.mute = "0";
}
}
function UnMuteMe () {
Player.settings.mute = "0";
}
function VolumeUp () {
X = Player.settings.volume;
Player.settings.volume = X + 10;
}
function VolumeDown () {
X = Player.settings.volume;
Player.settings.volume = X - 10;
}
-->
</SCRIPT>
</BODY>
</HTML>
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