Also, if a person have 50 Mhz CPU is it also impossible to be able to watch movies on the Amiga 500?
If your CPU is a 50MHZ (060 not 030) then you will just have enough power to play watchable MPEG1 movies with RiVA in HAM6 mode.
http://aminet.net/package/gfx/show/RiVAthe demo version only plays greyscale. The registered version will do HAM6 and HAM8(AGA) color as well as RTG.
I just registered it for $15 and now I can watch Big Bang Theory on my Amiga 1200

It is fairly trivial to convert stuff to MPEG1 now that the converters support CUDA.
There is also HAMP which has amazing results on machines with even a basic 68000, however the video files are huge and the conversion process is involved, so I have never seen more than a "clip", let alone a movie or movies

this is HAMP running on a minimig.
http://www.youtube.com/watch?v=eNWLtSWXtD8