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How do make previews like iTunes store?

I know this may not be the ideal place for this posting, but I hope here people will understand what I am trying to do like iTunes as a reference.

I want to create online previews of audio and video like iTunes before people purchase the media online. Ultimately what I'd like to do is have the master video or audio online and the ecommerce system (or whatever system does this) automatically shows a preview of the file rather than me creating separate preview files and master file for download. The latter would affect disc storage of course.

Is this possible? Does anyone have a clue if that's how iTunes works or if they're actually separate files?