You have a very rare and mostly undocumented player. I know someone else on this board also has a M7101-based device too.
Thus, you won't be able to do much with it. It's also a very low-capability SoC, being 8051-based. I know ALi ISP MPTool can read the flash, so you should be able to get a backup of it.
This is probably the most detailed write-up regarding these devices:
http://mp3player.wolfnexus.net/loadingfw.html
If you're looking for a more "open" device, get an Actions ATJ209x/AK102x-based player. There is plenty of information on those at s1mp3.org