does anyone know if it is possible to create a copy protected video file?

the same file that i-tunes is offering in its shop which you can not copy and will be deleted after 24 hours.
that would be great for a testscreening of a feature film.

The copy protection schemes that are out there are mostly a "pay as you go" sort of thing so they've proven too expensive for all but the biggest shops.

Timed licenses are provided by Origin Digital but you have to submit them to their encode process so that's an extra ftp and wait, not good for approvals.

Weinstein was using a service that watched the internet for the files to be played, but that was in the 5 figures a month as I recall.

The short answer is "no". Watermark/code it and threaten the lives of those who you share to. A strong written agreement is usually enough to stop the execs. Anyone lower need to just not have access. In the trailer biz, if you're mark shows up on a file online, you get a nice visit from the FBI. That tends to be "discouraging".