After searching their community website http://community.ooyala.com/t5/Developers-Forum/Show-hide-player-destroy/m-p/1678/highlight/true#M58 I think this might be a way to solve the problem.
<div id="player-wrapper">
<div id='myPlayer'></div>
</div>
<button id="button1">Show</button>
<button id="button2">Hide</button>
<script src="http://player.ooyala.com/v3/c4166b7aafc48b1aa965e31f92fd8bd"></script>
<script src="http://code.jquery.com/jquery-1.10.2.min.js"></script>
<script>
var myPlayer1;
$("#player-wrapper").hide();
$("#button1").click(function () {
myPlayer1 = OO.Player.create('myPlayer','95eGFoYzoL6qb_jnRK1lkSLUYiKICGg1', {
width: 618,
height: 437
});
$("#player-wrapper").show();
});
$("#button2").click(function () {
$("#player-wrapper").hide();
myPlayer1.destroy();
});
</script>
You create the player when you click on the first button and destroying it with the second. There seems to be no real solution to do it in another way.
Hope it helps.