It is an ancient binary file extension, actually a video file created by Inter-Tel Web Conference software. It contains a screen recording video and voice audio, and also ca
After some research, I found that Media Player Classic can play .lrec files. I don't know, if this helps you a bit.
For a own video player for your company, you would need the encoding infos or a decoder directly from Inter-Tel since they own the licences, without it you can't create one.
Edit: Deprecated info see comments.