Found the way on how to do it, you need to make few changes to sample application provided for Playready ( found here )
- Install smooth streaming and playready ADK.
- Add reference for smooth streaming in your playready sample application and change the platform target to x64 for the project.
Modify the MEDIA to use some manifest url for eg. : http://playready.directtaps.net/smoothstreaming/TTLSS720VC1PR/To_The_Limit_720.ism/Manifest and modify LAURL to use a valid license url for eg : http://playready.directtaps.net/pr/svc/rightsmanager.asmx?PlayRight=1&UseSimpleNonPersistentLicense=1
In PLayback.cs -> public void Play(MediaElement mediaElement, string strMediaPath) add following lines,
extensions.RegisterByteStreamHandler("Microsoft.Media.AdaptiveStreaming.SmoothByteStreamHandler", ".ism", "text/xml");
extensions.RegisterByteStreamHandler("Microsoft.Media.AdaptiveStreaming.SmoothByteStreamHandler", ".ism", "application/vnd.ms-sstr+xml");
It worked fine for me.