First you have to open WDTV player and try locate CN4 port socket (see under)
Step by step howto open WDTV is here
WDTV circuit board | CN4 pinout
| .---------.
| | o o o o |
CN4 | '---------'
.------. | ^ ^ ^ ^
| .... | | / | | \
'------' O | +5V RX TX gnd
'--------------------'
You cannot use USB2Serial cable directly. You should use RS232-to-TTL converter
userfull pages
http://sodoityourself.com/max232-serial-level-converter/
http://www.avitresearch.co.uk/usb_to_ttl.htm
http://www.compsys1.com/workbench/On_top_of_the_Bench/Max233_Adapter/max233_adapter.html
http://www.jescab.se/RSlink.htm