No. Assuming the projector can handle 16gb SDHC USB devices, and the video you're trying to play is in one of the formats supported by the projector, you don't need your droid to do anything except sit there and act as a USB device.
I think he's wanting to stream youtube etc. This could be done but given the headache that enabling FMRadio has given the devs I doubt that it will ever get done unless you want to pay someone $100,000 to create the necessary libraries etc.