Embed the translation file after loading the YMP in your HTML, like:

<script type="text/javascript" src="http://mediaplayer.yahoo.com/js"></script>
<script type="text/javascript" src="ymp-Gurmukhi.js"></script>

The whole source code:

YAHOO.mediaplayer.DisplayStrings = 
			PLAYLIST_TAB: "ਮੀਡੀਆ ਲਿਸਟ",
	                PLAYLIST_LOADING: "ਲੋਡਿਗ ਲਿਸਟ ...",
			BUFFERING: "ਬੁਫ਼ਰਿਗੰ",
			HDR_MAIN: "ਗੁਰਮੁਖੀ ਮੀਡੀਆ ਪਲਿਆਰ",		// H2 tag for Player
			HDR_CONTROLS: "ਪਲੇਬੈਕ ਕੰਟੌਲ",		// H3 tag for playback controls
			HDR_PLAYLIST: "ਮੀਡੀਆ ਪਲਿਆਰ ਲਿਸਟ"		// H3 tag for playlist tray
			PREVIOUS: "Previous Track (Shift+Arrow Left)",
			PLAY: "Play (Shift+Space)",
			PAUSE: "Pause (Shift+Space)",
			NEXT: "Next Track (Shift+Arrow Right)",
			VOLUME: "Volume %1% (Shift+Arrow Up/Down)",
			BUY: "Buy this song",
			OPENPLAYLIST: "Open playlist (Ctrl+Shift+P)",
			CLOSEPLAYLIST: "Close playlist (Ctrl+Shift+P)",
			MINIMIZE: "Minimize Player",
			MAXIMIZE: "Expand Player",
			CLOSE: "Close player",
			FINDONPAGE: "Find song on page"
			INPAGEPLAY: "Play track in the Yahoo! Media Player",
			INPAGEPAUSE: "Pause track in the Yahoo! Media Player"
	        "1": "We're sorry, we could not find the track you requested",
	        "2": "We are unable to play media on this page at this time. Refresh the page and try again.",
	        "3": "We're sorry, there was an error in playback",
	        "4": "We're sorry, we are unable to retrieve the playlist",
	        "5": "We're sorry, we could not find any media to play in this playlist",
	        "6": "We're sorry, there was an error in downloading the media file. Please retry later",
	        "7": "We're sorry, there was an error in connecting to the server. Please retry later",
	        "8": "DRM error place-holder",
	        "9": "This file requires the Windows Media Player plug-in for Firefox. <a target='_top' href='http://port25.technet.com/pages/windows-media-player-firefox-plugin-download.aspx'>Click here</a> for instructions to install the plugin",
	        "10": "Rhapsody metadata unavailable. %1",
	        "11": "We're sorry, playback timed out",
	        "12": "We're sorry, the track could not be resolved. %1",
	        "13": "We're sorry, the username/password combination for the Rhapsody service is invalid",
	        "14": "We're sorry, the playback system is not initialized, please try again later",
	        "15": "We're sorry, the user token is invalid. Please sign in again",
	        "16": "Access denied",
	        "17": "We're sorry, an invalid request was made to the server",	
	        "18": "We're sorry, a user property was requested that is not available",
	        "19": "We're sorry, user can be logged in and listening to the service from only one location",	
	        "20": "We're sorry, this service is available only in the United States",
	        "21": "We're sorry, this track does not have streaming rights."
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